AssetsCashAccounts receivableInventaryProperty, plant, and equipmentAccumulated degreciationTotalLiabilities and Stockholders' EquityAccounts payablePharoah CompanyComparative Balance SheetsDecember $31$Income taxes payableBonds payableCommon stockRetained earningsTotal$2027$$$37,10032,90029,90059,700(29,100)$$$130500$$$28\mathrm{.}3007,00027,30017,20050,700$$$130,5002026$$$20,10019,50020\mathrm{.}90077,500(23\mathrm{.}400)$$$114,600$$$170008,40033,60014,60041,000$$$114,600$

$\frac{6\mathrm{.}6}{25}$

Insome Statement

For the Year Ended December $31,2027$

Sales revenue

$5241,100$

Cost of poods sold

$176\mathrm{.}400$

Grass proth

$64\mathrm{.}700$

Selline expersies

$$17550$

Astministrathe expenses

$5\mathrm{.}850-2340041\mathrm{.}000$

income from operations

Imterest expense

$3+000$

Intome before incomatakes

income tax expense.

$37\mathrm{.}700$

$7\mathrm{.}540$

Nrt income

$$30,210$

Additiond data

Depredationespersic was $$15,$ mo

Dividunds dectared and paif were $520,46$a depreciation of $$10,000$ at the time at cik

Additional data:

Depreciation cxpense was $$15\mathrm{.}700$

Dividends declared and paid were $$20,460.$

During the year, equipment was sold for $$7,800$ cash. This cosipment or iginally cost $$17,800$ and had accumulated depreciation of $$10,000$ at the tirne of sale.

Furthor analysis reveals the following.

Accounts parable pertain ta menchandise suppliers.

All eperating expenses exceps far depreciatian wure psid in cash.

All depretiation experse is in the sellirg expernecasegonk.

All sales and imentory purchases are an socoune.