I need a different answer then the one I have been getting... you can see in my screen shots that what I need is different than the question that is on chegg....
Condensed financial data of Granger Inc. follow.
| Granger Inc. Comparative Balance Sheets December 31 |
| Assets |
2017 |
2016 |
| Cash |
mce_markernbsp;80,800 |
mce_markernbsp;48,400 |
| Accounts receivable |
87,800 |
38,000 |
| Inventory |
112,500 |
102,850 |
| Prepaid expenses |
28,400 |
26,000 |
| Long-term investments |
138,000 |
109,000 |
| Plant assets |
285,000 |
242,500 |
| Accumulated depreciation |
(50,000 |
) |
(52,000 |
) |
| Total |
$682,500 |
$514,750 |
| Liabilities and Stockholders' Equity |
| Accounts payable |
mce_markernbsp;102,000 |
mce_markernbsp;67,300 |
| Accrued expenses payable |
16,500 |
21,000 |
| Bonds payable |
110,000 |
146,000 |
| Common stock |
220,000 |
175,000 |
| Retained earnings |
234,000 |
105,450 |
| Total |
$682,500 |
$514,750 |
Granger Inc.
Income Statement Data
For the Year Ended December 31, 2017 |
| Sales revenue |
$388,460 |
| Less: |
| Cost of goods sold |
$135,460 |
| Operating expenses, excluding depreciation |
12,410 |
| Depreciation expense |
46,500 |
| Income tax expense |
27,280 |
| Interest expense |
4,730 |
| Loss on disposal of plant assets |
7,500 |
233,880 |
| Net income |
mce_markernbsp;154,580 |
Additional information:
1. New plant assets costing $100,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $26,030 was declared and paid during the year.