4 3 The following is a list of financial statement items and amounts from a recent income statement and balance sheet of Basic Corporation. All accounts have normal balances. The company's year ended on December 31, 20X4 4 5 6 7 OFor each financial statement item listed, indicate whether it appears on the income statement or balance sheet. For income statement items, specify whether they are operating or other items. For balance sheet items, identify their classifications (A, L or SE, current or non-current). 8 0 9 10 Financial Statement Item Amount Income Statement Balance Sheet 11 Accounts Payable $41,000 12 Accounts Receivable 262.000 13 Accrued Expenses Payable 37.000 14 Additional Paid-in Capital 70.000 15 Cash and Cash Equivalents 125,000 16 Common Stock ($10 par value) 100,000 17 Cost of Sales 350,000 8 General & Administrative Expenses 75.000 9 Income Tax Expense 32.000 0 Intangible Assets, Net 85,000 1 Interest and Other Income, Net 10,000 2 Inventory 167,000 Notes Payable (due In 20X8) 433.000 Other Current Assets 5.000 Other Current Liabilities 89,000 Other Noncurrent Assets 15,000 Prepaid Expenses 31.000 Property Plant and Equipment, Net 184,000 Research and Development Costs 250,000 Retained Earnings, 1/1/20X4 40.000 Retained Earnings, 12/31/20X4 Sales and Service Revenues Selling Expenses Short-Term Investments 7 943,000 125,000 57,000