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 METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in thousands) 2018 2017 Assets Cash Accounts receivable Inventory s 580 450 525 675 Building Less: Accumulated depreciation (300) 2,850 (525) 1.200 $6,880 Equipment 2,250 (480) 1,500 $5,850 Less: Accumulated depreciation Patent Liabilities Accounts payable Accrued expenses payable Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings s 750 s 450 130 3,150 3,000 675 1,500 $5,850 1,800 $6,880 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Revenues Sales revenue Gain on sale of land $2,645 $2,735 Expenses Cost of goods sold Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses 315 15 1,760 Net income s 975