Exercise 12-7 Shown below are comparative balance sheets for Pronghorn Corp. Pronghorn Corp Comparative Balance Sheets December 31 2017 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earning:s Total 2016 $ 76,406 263,948 656,397 347,300 694,600 (111,136) $ 236,164 305,624 579,991 277,840 902,980 (229,218 ) $2,073,381 $1,927,515 $ 149,339 694,600 604,302 479,274 $2,073,381 $1,927,515 $ 135,44;7 520,950 750,168 666,816 Additional information: 1. Net income for 2017 was $322,989. 2. Depreciation expense was $118,082. 3. Cash dividends of $135,447 were declared and paid 4. Bonds payable amounting to $173,650 were redeemed for cash $173,650. 5. Common stock was issued for $145,866 cash. 6. No equipment was sold during 2017. 7. Land was sold for its book value