Wa e S For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Income before income taxes Income tax expense Net income $941,320 $474,970 231,190 12,110 2,000 720,270 221,050 $155,520 Additional information: 2. Land was sold at its book value for cash. 3. Cash dividends of $85,580 were declared and paid in 2017. 4. Equipment with a cost of $165,130 was purchased for cash. Equipment with a cost of $51,340 and a book value of $36,060 was sold for $34,060 cash. S. Bonds of $50,080 were redeemed at their face value for cash. 6 Common stock ($1 par) of $169,350 was issued for cash. Adjustments to reconcile net income to 40110 (39340) (44020)