Windsor Company Comparative Balance Sheets December 31 Asset Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation 2017 2016 $ 71,400 40,800 57,120 122,400 $40,800 28,560 40,800 159,120 (65,280) (48,960) $226,440 $220,320 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 30,600 16,320 67,320 28,560 77,520 $226,440 $220,320 38,760 14,280 34,680 36,720 102,000 Windsor Company Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $493,680 357,000 136,680 $36,720 12,240 48,960 87,720 6,120 81,600 16,320 65,280 Additional data: 1. Depreciation expense was $35,700 2. Dividends declared and paid were $40,800 3. During the year equipment was sold for $17,340 cash. This equipment cost $36,720 originally and had accumulated depreciation of $19,380 at the time of sale