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II. (2f points) The comparative ve balance sheets tor oallap conpany sheets for Gal1p Company appess elow GALLOP COP Cash Accounts receivable Inventory Long-term investments Land Equipment 015.000 13,000 18,000 32,000 24-000 12,00 18.000 25.000 100,00o 60,000 30,000 Accumulated depreciation-equipment Total assets Liabilities and Stockholders Equity 513,000 8,000 44,000 15,000 $ 25,000 Accounts payable 5,000 32,000 40,000 100,000 Salaries payable Bonds payable Common stock 25,000 Preferred Stock Retained earnings Total liabilities and stockholders' equity Additional information: 1. Net income for the year ended December 31, 2017, was $16,000. 2. Cash dividends of $18,000 were declared and paid during the year. 3. Long-term investments that had a book value of $18,000 were sold for $16 4. Issued $75, 000 of preferred stock in direct exchange for the land. 5. No equipment was sold during the year. epaie an etdteme Casn flows II. (2f points) The comparative ve balance sheets tor oallap conpany sheets for Gal1p Company appess elow GALLOP COP Cash Accounts receivable Inventory Long-term investments Land Equipment 015.000 13,000 18,000 32,000 24-000 12,00 18.000 25.000 100,00o 60,000 30,000 Accumulated depreciation-equipment Total assets Liabilities and Stockholders Equity 513,000 8,000 44,000 15,000 $ 25,000 Accounts payable 5,000 32,000 40,000 100,000 Salaries payable Bonds payable Common stock 25,000 Preferred Stock Retained earnings Total liabilities and stockholders' equity Additional information: 1. Net income for the year ended December 31, 2017, was $16,000. 2. Cash dividends of $18,000 were declared and paid during the year. 3. Long-term investments that had a book value of $18,000 were sold for $16 4. Issued $75, 000 of preferred stock in direct exchange for the land. 5. No equipment was sold during the year. epaie an etdteme Casn flows

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