Problem 12-7A (Part Level Submission) Presented below are the financial statements of Sheridan Company. Sheridan Company Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Tota $77,700 44,400 31,080 44,400 173,160 44,400 62,160 133,200 (71,040) (53,280 ) $246,420 $239,760 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $42,180 33,300 17,760 73,260 31,080 84,360 $246,420 $239,760 15,540 37,740 39,960 111,000 Sheridan Company