Following is a partially completed balance sheet for Episco, Inc., at December 31, 2016, together with comparative data for the year ended December 31, 2015. From the statement of cash flows for the year ended December 31, 2016, you determine the following: Net income for the year ended December 31, 2016, was $182. Dividends paid during the year ended December 31, 2016, were $56. Cash increased $56 during the year ended December 31, 2016. The cost of new equipment acquired during 2016 was $105; no equipment was disposed of. There were no transactions affecting the land account during 2016, but it is estimated that the fair market value of the land at December 31, 2016, is $294.

Required: Complete the balance sheet at December 31, 2016.

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EPISCO, INC. Balance Sheets December 31, 2016 and 2015 Assets 2016 2015 Liabilities and Stockholders Equity 2016 2015 Current assets Current liabilities Cash $210 Note payable $343 $280 Accounts receivable 882 840 Accounts payable 861 770 Inventory 1,687 1,610 Total current liabilities $1,204 $1,050 Total current assets $2,660 Long-term debt $560 Total liabilities $1,610 Land $175 Stockholders Equity Equipment 2,625 Common stock $1,400 $1,400 Less: Accumulated depreciation (1,260) (1,120) Retained earnings 1,330 Total land & equipment $1,680 Total stockholders equity $2,730 Total assets $4,340 Total liabilities & stockholders equity $4,340

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