Reference no: EM131752184

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Condensed financial data of Granger Inc. follow.

Granger Inc. Comparative Balance Sheets December 31
Assets	2017	2016
Cash	mce_markernbsp;80,800	mce_markernbsp;48,400
Accounts receivable	87,800	38,000
Inventory	112,500	102,850
Prepaid expenses	28,400	26,000
Long-term investments	138,000	109,000
Plant assets	285,000	242,500
Accumulated depreciation	(50,000	)	(52,000	)
Total	$682,500	$514,750
Liabilities and Stockholders' Equity
Accounts payable	mce_markernbsp;102,000	mce_markernbsp;67,300
Accrued expenses payable	16,500	21,000
Bonds payable	110,000	146,000
Common stock	220,000	175,000
Retained earnings	234,000	105,450
Total	$682,500	$514,750

 

Granger Inc. Income Statement Data For the Year Ended December 31, 2017
Sales revenue	$388,460
Less:
Cost of goods sold	$135,460
Operating expenses, excluding depreciation	12,410
Depreciation expense	46,500
Income tax expense	27,280
Interest expense	4,730
Loss on disposal of plant assets	7,500	233,880
Net income	mce_markernbsp;154,580

Additional information:

1. New plant assets costing $100,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $26,030 was declared and paid during the year.