At December 31 Assets MONTGOMERY INCORPORATED Comparative Balance Sheets Cash Accounts receivable, net Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Salaries payable Total current liabilities Equity Common stock, no par value Retained earnings Total liabilities and equity MONTGOMERY INCORPORATED Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Salaries expense Depreciation expense Income before taxes Income tax expense Net income $ 78,000 (32,300) 45,700 9,700 12,900 23,100 5,700 $ 17,400 Current Year Prior Year $ 64,000 18,700 167,600 250,300 92,800 (42,000) $ 301,100 $ 44,700 800 45,500 216,400 39,200 $ 301,100 $ 64,600 23,100 133,500 221,200 79,000 (29,100) $ 271,100 $ 48,400 1,000 49,400 199,900 21,800 $ 271,100 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $16,500 cash. c. Purchased equipment for cash; no equipment was sold.