Exercise 13-8 our answer is partially correct. Try again Here are comparative balance sheets for Velo Company, VELO COMPANY Comparative Balance Sheets December 31 ssets 2017 2016 Cash 73,300 32,900 Accounts receivable 85,800 70,600 169,600 187,200 Inventory Land 72,900 101,200 259,800 200,700 Equipment Accumulated depreciation-equipment (65,800) (33,500) $595,600 $559,100 Total abilities and Stockhol Accounts payable 35,100 47,300 Bonds payable 148,000 203,000 215,200 172,600 Common stock ($1 par) Retained earnings 197,300 136,200 $595,600 $559,100 Total Additional information: 1. Net income for 2017 was $101,700. 2. Cash dividends of $40,600 were declared and paid 3. Bonds payable amounting to $55,000 were redeemed for cash $55,000. 4. Common stock was issued for $42,600 cash. 5. No equipment was sold during 2017, but land was sold at cost