Exercise 5-16 (Part Level Submission) A comparative balance sheet for Pearl Corporation is presented below December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment 2017 2016 $ 72,670 22,000 84,500 182,500 73,500 262,500 68,830 191,830 112,830 202,830 (71,500) (44,830 ) $604,170 $553,490 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 36,500 $49,830 200,000 164,000 139,660 $604,170 $553,490 150,000 214,000 203,670 Total Additional information: 1. Net income for 2017 was $130,000. No gains or losses were recorded in 2017 2. Cash dividends of $65,990 were declared and paid 3. Bonds payable amounting to $50,000 were retired through issuance of common stock