Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. 2017 METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000) 2018 Assets Cash $ 390 Accounts receivable 370 Inventory 520 Land 525 Building 900 Lossi Accumulated depreciation (250) Equipment 2,550 LOBBI Accumulated depreciation (346) Patent 1,100 55,759 Liabilities Accounts payable $ 620 Accrued expenses payable 160 Lease liability-land 130 Shareholders' Equity Common stock 3,120 Paid-in capital-excess of par 750 Retained earnings 979 $ 5,759 $ 170 200 355 500 900 (225) 2,210 (320) 1,300 $ 5,090 $ 470 130 0 3,000 715 775 $5,090 53 ME TAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 (5 in 00s) Revenues Sales revenue $2,512 Gain on sale of land 35 $2,547 Expenses Cost of goods sold 5 820 Depreciation expense-building 25 Depreciation expense-equipment 188 Loss on sale of equipment 15 Amortization of patent 200 Operating expenses 500 1,748 Net income $ 799 Additional Information from the accounting records a. Annual payments of $20,000 on the finance lease flability are paid each January 1, beginning in 2018, b. During 2018, equipment with a cost of $180,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $155,000 and $440,000 for stock dividends and cash dividends, respectively nces Statement of Cash Flows For year ended December 31, 2018 ($ in 000) Cash inflows: Cash outflows: $ 0 0 $ 0 Noncash investing and financing activities