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Question 1 The comparative balance sheets of Culver Corporation at the beginning and end of the year 2017 appear below CULVER CORPORATION BALANCE SHEETS Dec. 31, 2017 Jan. 1, 2017 Inc./Dec. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment $21,350 107,350 $6,780 Inc. 17,780 Inc. ,780 Inc. 6,000 Inc. $14,570 89,570 23,570 16 40,350 (17,000)(11,000) $152,050 $116,710 Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $21,350 101,350 29,350 $152,050 $16,570 4,780 Inc. 81,570 19,780 Inc. 18,570 10,780 Inc. Total $116,710 Net income of $45,350 was reported, and dividends of $34,570 were paid in 2017. New equipment was purchased and none was sold