Waterways Continuing Problem 14 The comparative balance sheets of Waterways Corporation's Irrigation Installation Division for the years 2016 and 2017 and the income statements for the year 2016 and 2017 are presented below Additional information: 85% of the sales for waterways were credit sales. There are 5,000 shares outstanding for both years. This is a private corporation, whose shares are not available to the public. WATERWAYS CORPORATION-INSTALLATION DVISION Balance Sheets 2016 Assets Current assets 2017 Cash Accounts receivable Work in process Inventory Prepaid expenses $836,797 680,750 702,159 16,766 76,550 $746,681 542,685 7,500 42,590 2,313,022 1,339,456 Total current assets Property, plant, and equipment Land Buildings Equipment Furnishings Accumulated depreciation 300,000 450,000 800,200 40,416 (482,523) (485,204) 1,237,293 1,105,412 $3,550,315 $2,444,868 300,000 450,000 929,400 40,416 Total property, plant, and equipment Total assets