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Question 1 The comparative condensed balance sheets of Gurley Corporation are presented below GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016 Assets Current assets Property, plant, and equipment (net) Intangibles $ 72,000$ 78,000 88,000 38,000 $194,000 $204,000 97,000 25,000 Total assets Liabilities and stockholders' equity Current liabilities Long-term liabilities Stockholders' equity $40,000 46,000 148,000 10,000 $194,000 $204,000 141,000 13,000 Total liabilities and stockholders' equity