Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below for Metagrobolize Industries

Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGIROBOLIZEINDUSTRIES Comparative Balance Sheets December 31, 2016 and 2015 in 000s 2016 2015 Assets 490 S 220 Cash ts receivable 2800 Inventory 680 395 Land 700 620 Building 800 800 Less: Accumulated depreciation 200 (170) 2,950 2,690 Equipmen Less: Accumulated depreciation (334) (300) 1,900 2,000 Patent 7,516 6.535 Liabilities 780 630 Accounts payable Accrued expenses payable 240 215 Lease liability land Shareholders' Equity Common stock 2.640 2,500 Paid-in capital excess of par 600 545 3,106 Retained earnings 2,645 7,516 $6,535 METAGIROBOLIZEINDUSTRIES Income Statement For the Year Ended December 31, 2016 in 000s Revenues 3,123 Sales revenue Gain on sale of land 75 3,198 Expenses 980 Cost of goods sold Depreciation expense-building Depreciation expense equipment 412 Loss on sale of equipment Amortization of patent 000 600 Operating expenses 2,142 Net income 1.056 Additional information from the accounting records: During 2016, equipment with a cost of $420,000 (90% depreciated) was sold. b The statement of shareholders' equity reveals reductions of $195,000 and $400,000 for stock dividends and cash dividends, respectively.