Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2016 and 2015 in 000s 2016 2015 Assets 600 375 Cash Accounts receivable 600 450 Inventory 900 525 Land 675 600 Building 900 900 Less: Accumulated depreciation (300) (270) 2,850 2.250 Equipment Less: Accumulated depreciation (525) (480) Patent 1,200 1.500 6,900 5,850 Liabilities 750 450 Accounts payable Accrued expenses payable 300 225 Lease liability-land 150 Shareholders' Equity Common stock 3.150 3.000 Paid-in capital excess of par 750 675 1.800 1,500 Retained earnings 6,900 5,850 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2016 in 000s Revenues Sales revenue $2,645 90 $2,735 Gain on sale of land Expenses Cost of goods sold 600 Depreciation expense building 30 Depreciation expense equipment 315 Loss on sale of equipment 15 Amortization of patent 300 500 1,760 Operating expenses 975 Net income