are a worksheet-indirect method. "P17.12A (LO 5) Condensed financial data of Oakley Company appear below. Excel Oakley Company Comparative Balance Sheets December 31 Assets Cash 2020 2019 Accounts receivable $ 82,700 90,800 $ 47,250 57,000 Inventory 126,900 102,650 Investments 84,500 87,000 Equipment 255,000 205,000 Accumulated depreciation-equipment (49,500) (40,000) $590,400 $458,900 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings 2020 $ 57,700 2019 $ 48,280 12.100 18,830 100,000 70,000 250,000 200,000 170,600 121.790 $590,400 $458,900 Oakley Company Income Statement For the Year Ended December 31, 2020 Sales revenue $297,500 Gain on disposal of plant assets 8,750 306,250 Less: Cost of goods sold $99,460 Operating expenses (excluding depreciation expense) 14,670 Depreciation expense 49,700 Income tax expense 7.270 Interest expense 2.940 174,040 Net income $132,210 Additional information: 1. Equipment costing $97,000 was purchased for cash during the year. 2. Investments were sold at cost. 3. Equipment costing $47,000 was sold for $15,550, resulting in gain of $8,750. 4. A cash dividend of $83,400 was declared and paid during the year. Ethics Case 17-55