Exercise 12-7 Shown below are comparative balance sheets for Blossom Company

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Shown below are comparative balance sheets for Blossom Company. Blossom Company Comparative Balance Sheets December 31 Assets 2016 33,462 Cash 103,428 Accounts receivable 133,848 115,596 254,007 Inventory 287,469 121,680 Land 152,100 395,460 Equipment 304,200 Accumulated depreciation-equipment (100,386 (48,672 $908,037 $844. 155 Tota Liabilities and Stockholders' Equity Accounts payable 59,319 65,403 228,150 Bonds payable 304,200 328,536 264,654 Common stock ($1 par) Retained earnings 292,032 209,898 Total $908,037 $844,155 Additional information: 1. Net income for 2017 was $141,453 2. Depreciation expense was $51,714. 3. Cash dividends of $59,319 were declared and paid. 4. Bonds payable amounting to $76,050 ere redeemed for cash $76,050. 5. Common stock was issued for $63,882 cash. 6. No equipment was sold during 2017. 7. Land was sold for its book value