Question: Alex Company reported the following information for 2017.
Additional information: 1. Operating expenses include depreciation expense of $40,000.
2. Land was sold at its book value for cash.
3. Cash dividends of $85,000 were declared and paid in 2017.
4. Equipment with a cost of $166,000 was purchased for cash. Equipment with a cost of $51,000 and a book value of $36,000 was sold for $34,000 cash.
5. Bonds of $50,000 were redeemed at their face value for cash.
6. Common stock ($1 par) of $170,000 was issued for cash.