Exercise 12-7 Shown below are comparative balance sheets for Blue Spruce Company Blue Spruce Company Comparative Balance Sheets December 31 Assets 2017 2016 $103,156 33,374 115,292 Cash 133,496 253,339 286,713 121,360 151,700 394,420 303,400 (100,122) (48,544) Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total $905,649 $841,935 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $59,163 65,231 227,550 303,400 263,958 209,346 $905,649 $841,935 327,672 291,264 Additional information: 1. Net income for 2017 was $141,081. 2. Depreciation expense was $51,578 3. Cash dividends of $59,163 were declared and paid. policy l 2000-2018 John wilsuasons Inc. All Rights Reserved. A Division of John Wileu