Blake Weaver, Blossom Enterprises controller, is preparing the financial statements for 2016. He has completed the comparative balance sheets and income statement, which follow, and has gathered this additional information:

		On December 31, 2016, Blossom sold a piece of equipment with an original cost of $25,790 for $30,780 cash. The equipment had a book value of $13,200.
		On February 1, 2016, Blossom issued $95,980 of common stock to raise cash in anticipation of the purchase of a new building later in the year.
		On February 2, 2016, Blossom took out a ten-year $75,360 long-term loan to provide the remaining funds needed to purchase the building.
		On May 15, 2016, Blossom paid $151,000 for the new building.
		The company repaid $4,650 of the long-term debt before the end of the year.

Blake Weaver, Blossom Enterprises' controller, is preparing the financial statements for 2016. He has completed the comparative balance sheets and income statement, which follow, and has gathered this additional information On December 31, 2016, Blossom sold a piece of equipment with an original cost of $25,790 for $30,780 cash. The equipment had a book value of $13,200 On February 1, 2016, Blossom issued $95,980 of common stock to raise cash in anticipation of the purchase of a new building later in the year On February 2, 2016, Blossom took out a ten-year $75,360 long-term loan to provide the remaining funds needed to purchase the building On May 15, 2016, Blossom paid $151,000 for the new building The company repaid $4,650 of the long-term debt before the end of the year. Blossom Enterprises Income Statement For the Year Ended December 31, 2016 Sales revenue Gain on equipment sale 1,072,900 17,580 1,090,480 700,000 Total revenue Cost of goods sold Operating expenses Depreciation expense 30,580 Interest expense Wages expenses Other expenses 7,900 175,780 16,220 230,480 160,000 63,920 $96,080 Income before taxes Tax expense Net income