Problem 13-24 Blake Weaver, Blossom Enterprises' controller, is preparing the financial statements for 2016. He has completed the comparative balance sheets and income statement, which follow, and has gathered this additional information: On December 31, 2016, Blossom sold a piece of equipment with an original cost of $25,590 for $30,230 cash. The equipment had a book value of $13,260. . On February 1, 2016, Blossom issued $87,460 of common stock to raise cash .On February 2, 2016, Blossom took out a ten-year $76,730 long-term loan to .On May 15, 2016, Blossom paid $136,960 for the new building in anticipation of the purchase of a new building later in the year provide the remaining funds needed to purchase the building. . The company repaid $4,860 of the long-term debt before the end of the year Blossom Enterprises Income Statement For the Year Ended December 31, 2016 $ 1,077,800 16,970 1,094,770 708,000 Sales revenue Gain on equipment sale Total revenue Cost of goods sold Operating expenses Depreciation expense 30,610 Interest expense Wages expenses Other expenses 7,550 175,560 16,240 229,960 156,810 63,690 $93,120 Income before taxes Tax expense Net income