$13,080 2,000 11,700 2,310 $24,470 s 1,200 7,250 3,200 11,000 Cash (2,200) Total Assets Accounts Payable Note Payable (long-term) $19,250 2,700 11,000 8,690 1,350 1,000 11,000 4,200 Common Stock Total Liabilities and Stockholders Equity $19,250 Salaries and Wages Expense Depreciation Expense Loss on Disposal of Equipment Income Tax Expense Net Income $73,200 66,500 740 370 1,100 4,490 Additional Data: a. Bought new golf clubs for $2,700 cash and sold existing clubs for $1,000 cash. The clubs that were sold had cost $2,000 and had Accumulated Depreciation of $630 at the time of sale. b. Borrowed $1,700 cash from the bank during the year c Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that Income Tax Expense was fully paid in cash. Soft Touch Company was started several years ago by two golf instructors. The company's comparative balance sheets and income statement are presented below, along with additional information. 7,250 3,200 11,000 h $13,080 2,000 11,700 2,310 $24,470 s 1,200 880 2,700 11,000 8,690 $24,470 Total Asset Accounts Payable $19,250 Note Payable (long-term) Common Stock Retained Earnings 1,350 ,000 11,000 4,200 $19,250 Total Liabilities and Stockholders' Equityy Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Loss on Disposal of Equipment Income Tax Expense Net Income $73,200 66,500 740 370 1,100 Additional Data: a. Bought new golf clubs for $2,700 cash and sold existing clubs for $1,000 cash. The clubs that were sold had cost $2,000 and had Accumulated Depreciation of $630 at the time of sale. b. Borrowed $1,700 cash from the bank during the year. c Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability