1 2 3 Cash 4 Accounts receivable (net) 5 Inventories 6 Investments 7 Land Dec. 31, 20Y6 Dec. 31, 20Y5 Assets $643,400.00 $679,400.00 566,800.00 547,400.00 1,011,000.00 982,800.00 0.00 240,000.00 520,000.00 0.00 Instructions 7 Land 520,000.00 0.00 8 Equipment 880,000.00 680,000.00 9 Accumulated depreciation (244,400.00) (200,400.00) 10 Total assets $3,376,800.00 $2,929,200.00 11 Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) $771,800.00 $748,400.00 13 Accrued expenses payable (operating expenses) 63,400.00 70,800.00 14 Dividends payable 8,800.00 6,400.00 15 Common stock, $2 par 56,000.00 32,000.00 16 Paid-in capital in excess of par-common stock 408,000.00 192,000.00 17 Retained earnings 2.068.800.00 1.879.600.00 Instructions 17 Retained earnings 18 Total liabilities and stockholders' equity The income statement for the year ended December 31, 20Y6, is as follows: 1 Sales 2 Cost of goods sold 3 Gross profit Operation ANDAREAC 2,068,800.00 1,879,600.00 $3,376,800.00 $2,929,200.00 $5,980,000.00 (2,452,000.00) $3,528,000.00 structions 4 Operating expenses: 5 Depreciation expense 6 Other operating expenses 7 Total operating expenses 8 Operating income 9 Other expense: 10 10 Loss on sale of investments 11 Income before income tax 12 Income tax expense 13 Net income $44,000.00 3,100,000.00 (3,144,000.00) $384,000.00 (64,000.00) $320,000.00 (102,800.00) $217,200.00 1 2 (Label) 3 4 S 6 r Canace Products Inc. Statement of Cash Flows (Label)