Exercise 12-7 Shown below are comparative balance sheets for Kingbird Company. Kingbird Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 93,228 $ 30, 162 Accounts receivable 120,648 104, 196 Inventory 228,957 259,119 Land 109,680 137,100 Equipment 356,460 274,200 Accumulated depreciation equipment (90,486) (43,872 ) Total $818,487 $760,905 Liabilities and stockholders' Equity Accounts payable A 58,953 $ 53 ,469 $ Bonds payable 205,650 - , 274200 Common stock ($1 par) 296,136 238,554 Retained earnings are 263,232 189,198 Total $818,487 . $760,905 Additional information : 1. Net income for 2017 was $127,503. 2. Depreciation expense was $46,614. 3. Cash dividends of $53 469 were declared and said , MG_4026.JPG IMG_4025 PG E IMG4022JPG