Exercise 12-7 Shown below are comparative balance sheets for Oriole Company. Oriole Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2017 $ 80,172 103,752 196,893 2016 $ 25,938 89,604 222,831 117,900 235,800 94,320 306,540 (77,814) (37,728) $703,863 $654,345 $ 45,981 176,850 254,664 226,368 $703,863 $50,697 235,800 205,146 162,702 $654,345 Additional information: 1. Net income for 2017 was $109,647. 2. Depreciation expense was $40,086. 3. Cash dividends of $45,981 were declared and paid. 4. Bonds payable amounting to $58,950 were redeemed for cash $58,950