Comparative balance sheets for Start-Up Company are presented below: Additional information: Net income for 2016 was $135,000. Cash dividends of $70,000 were declared and paid. Bonds payable amounting to $50,000 were redeemed for cash $50,000. Common stock was issued for $50,000 cash. Depreciation expense was $24,000. Sales revenue for the year was $978,000. Land was sold at cost. Equipment was purchased for cash