Exercise 12-7 Shown below are comparative balance sheets for Sage Hill Company. Sage Hill Company Comparative Balance Sheets December 31 2016 $ 74,492 257,336 639,954 338,600 677,200 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment (223,476 Total Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2017 $ 230,248 297,968 565,462 270,880 880,360 108,352) $2,021,442 $1,879,230 132,054 145,598 677,200 589,164 467,268 $2,021,442 $1,879,230 507,900 731,376 650,112 Additional information: 1. Ne t income for 2017 was $314,898