PRACTICE PROBLEM 2 Below are the comparative balance sheets for 2014 and 2013 and the income statement for 2014 for The Wrong Company. The Wrong Company Balance Sheets As at December 31, 2014 and 2013 2014 2013 Assets Cash Accounts receivable Short-term investments Inventory Land Buildings and equipment $30 75 15 70 60 400 115) (75) $715 $575 $42 73 40 75 50 550 Less: Accumulated depreciation Liabilities and Stockholders' Equity Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Common stock Retained earnings $ 28 $ 35 160 376 135 $715 12 30 100 300 90 $575