Accumulated amortization - Office Equipment Problem 1-13 On January 1, 20x6, Global Production, Inc., was started with $50,000 invested by the owners as capital stock. On December 31, 20x6, the accounting records contained the following selected amounts: Accounts payable Accounts receivable Bank loan, due December 31, 20x8 Cash Capital stock* Cost of goods sold Amortization expense Dividends declared $ 7,100 14,900 ? 40,000 25,100 50,000 84,000 4,800 2,100 Interest expense 3,600 Income tax expense 4,100 Insurance expense 2,300 Inventory 44,200 Income taxes payable 1,000 Office equipment 24,000 Prepaid insurance 1,100 Rent expense Salary expense Salaries payable Sales 21,300 18,000 1,500 157,600 Sales returns Supplies Supplies expense Telephone expense 2,400 2,500 4,100 3,500 * capital stock is another word used for common shares Required- Prepare the following for the year ended/as at December 31, 20x6: a. A statement of income. b. A statement of retained earnings. C. A statement of financial position. Assume that Global Production Inc. is a private company.