Practice Problem 23-1 (Part Level Submission) Grouper Inc. had the following condensed balance sheet at the end of operations for 2016 GROUPER INC. BALANCE SHEET DECEMBER 31, 2016 Cash Current assets other than cash Equity investments Plant assets (net) $8,800 Current liabilities 29,500 20,000 Bonds payable 66,200 Common stock 39,300 Retained earnings $15,100 25,000 24,700 74,200 24,800 $163,800 Long-term notes payable Land $163,800 During 2017, the following occurred Inc. sold part of its investment portfollo for $12,700. This transaction resulted in a gain of $5,200 for the company. No unrealized gains or losses were recorded on these investments in 2017 (b) Dividends totaling $9,200 were paid to stockholders (e) Atract of land was purchased for $11,800 (d) Net income was $35,900 after allowing depreciation of $13,300 (e) Bonds payable in the amount of $11,000 wereredeemed at par Land was purchasedthrough the issuance of $22,800 in bonds. (o) An additional $9,800 in common stock was issued at par. (h) Both current assets (other than cash) and current liabilities remained at the same amount