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Problem 12-11A The comparative balance sheets for Splish Brothers Inc. as of December 31 are...

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Accounting

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Problem 12-11A The comparative balance sheets for Splish Brothers Inc. as of December 31 are presented below. Splish Brothers Inc. Comparative Balance Sheets December 31 Assets Cash Accounts receivable 2017 2016 $ 73,304 48,510 62,524 53,900 163,263 16,472 156,310 215,600 153,076 Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 22,638 140,140 215,600 (64,680) (43,120) 242,550 167,090 48,510 (37,730) $808,209 $728,728 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $ 38,808 323,400 172,480 194,040 $808,209$728,728 $48,219 323,400 215,600 220,990 Additional information: 1. Operating expenses include depreciation expense of $45,276 2. Land was sold for cash at book value. 3. Cash dividends of $12,936 were pald. 4. Net income for 2017 was $39,886. 5. Equipment was purchased for $99,176 cash. In addition, equipment costing $23,716 with a book value of $10,780 was sold for $8,624 cash. 6. 43,120 shares of $1 par value common stock were issued in exchange for land with a fair value of $43,120

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