Your answer is partially correct. Try again. The following are Sheridan Corp.'s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017. COMPARATIVE BALANCE SHEETS Increase (Decrease) 2017 2016 Cash $814,600 $706.000 Accounts receivable $108,600 1,129,100 1,176,600 (47,500) Inventory 1,861,900 1,719,500 142,400 Property, plant, and equipment Accumulated depreciation Investment in Myers Co. 3,335,800 2,940,300 395,500 (1,159,600 ) (1,046, 100 ) (113,500) 313,100 277,300 35,800 Loan receivable 249.200 249,200 Total assets $6,544,100 $5,773,600 $770,500 Accounts payable $1,013,700 $946,000 $67,700 Income taxes payable 29,900 50,000 (20,100 ) Dividends payable 80,200 99,800 (19,600 ) Lease labililty 455,900 455,900 Common stock, $1 par s00,000 500,000 Paid-in capital in excess of par-common stock 1,502,100 1,502,100 Retained earnings 2,962,300 2,675,700 286,600 $6,544,100 Total labilities and stockholders' equity $5,773,600 $770,500 Additional information: 1. On December 31, 2016, Sheridan acquired 25% of Myers Co.'s common stock for $277,300. On that date, the carrying value of Myers's assets and liabilities, which approximated their tair values, was $1.109,200, Myers reported income of $143,200 for the year ended December 31, 2017. No dividend was paid on Myers's common stock during the year. 2. During 2017, Sheridan loaned $355,300 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $106,100, plus interest at 10%, on December 31, 2017. 3. On January 2, 2017, Sheridan sold equipment costing $60,400, with a carying amount of $38,000, for 140,200 cash. 4. On December 31, 2017, Sheridan entered into a capital lease for an office building. The present value of the annual rental payments is s455,900, which equals the fair value of the building. Sheridan made the first rental payment of s60,200 when due on January 2, 2018. 5. Net income for 2017 was $366,800. 6. Sheridan declared and paid the following cash dividends for 2017 and 2016. 2016 2017 December 15, 2017 December 15, 2016 Declared SHERIDAN CORP. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities TNet Income Adjustments to reooncile net income to Net Cash Provided by Operating Activities Depreciation Gain on Sale of Equipment TEquity in Earnings of Myers Co. Decrease in Accounts Receivable TIncrease in Inventory Decrease in Income Taxes Payable Tincrease in Accounts Payable TNet Cash Provided by Operating Activities Cash Flows from Investing Activities ean to TIC CO. Net Cash Provided by Operating Activities (Cash Flows from Investing Activities TLoan to TLC Co. Gain on Sale of Equipme Net Cash Used by Investing Activities Cash Flows from Financing Activities Dividends Paid Net Cash Used by Financing Activities Net Increase in Cash Cash, January 1, 2017 |Cash, December 31, 2017