The comparative balance sheet of Pelican Joe Industries Inc. for December 31, 2016 and 2015, is as follows: 1 Dec. 31, 2016 Dec. 31, 2015 2 Assets 3 Cash $490.00 $160.00 4 Accounts receivable (net) $280.00 $200.00 5 Inventories $175.00 $110.00 6 Land $400.00 $450.00 7 Equipment $225.00 $175.00 8 Accumulated depreciation-equipment ($60.00) ($30.00) 9 Total assets $1,510.00 $1,065.00 10 Liabilities and Stockholders' Equity 11 Accounts payable (merchandise creditors) $175.00 $160.00 12 Dividends payable $30.00 13 Common stock, $10 par 100 50 14 Paid-in capital: Excess of issue price over par-common stock 250 125 15 Retained earnings 955 730 16 Total liabilities and stockholders' equity 1510 1065