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Exercise 5-16 A comparative balance sheet for Cullumber Corporation is presented below December 31 Asset...

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Exercise 5-16 A comparative balance sheet for Cullumber Corporation is presented below December 31 Asset Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment 2017 2016 $ 72,710 22,000 84,400 182,400 73,400 262,400 (71,400 (44,690) 68,690 191,690 112,690 202,690 $603,910 $553,070 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $36,400 49,690 200,000 164,000 139,380 $603,910 $553,070 150,000 214,000 203,510 Total Additional information: 1. Net income for 2017 was $129,800. No gains or losses were recorded in 2017 2. Cash dividends of $65,670 were declared and paid 3. Bonds payable amounting to $50,000 were retired through issuance of common stock

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