ACCT 1020, Test 2 PROBLEM 4, 20 points Data for Orange Company is shown below. Using he indirect melhoct, 4e wt Shedule paper is altache year ended December 31. 201 eo1a eove Aasets $24.040 12, 100 3. 12h Merchandise Inventory Long-hem Investments 175.50o Eguimuiated Depreciation Total Assets $05,000 40 3a0 Accounts Payable Income Taxes Payable Bonds Payable 10,725 124.475 Total Liabilities Common Stock Contributed Capital Retained Earmings 117,000 13,000 3.320 0,000 9,0oo Total Equity Total Liabilities and Equity Orange Co Income Statement For Yoar Ended Decembor 31, 2018 $240 000 Sales Cost of Goods Sold 29,400 50,000 Other Operating Expenses Total Expenses Loss on Sale of Equipment (160.300) (8400 7t.800 Income Before Taxes Incorme Tax Expense Net Income Swanson Page 8 of 9