Audio City, Inc. is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: Current Previous Year Year Balance Sheet at December 31 85,100 87,000 Cash Accounts Receivable 19,000 25,000 28,000 25,000 Inventory Equipment 243,000 160,000 Accumulated Depreciation-Equipment (75,000) (55,000) $300,100 $242,000 9,000 21,000 Accounts Payable Salaries and Wages Payable 2,100 1,000 Note Payable (long-term) 65,000 85,000 Common Stock 120,000 80,000 Retained Earnings 104,000 55,000 $300,100 $242,000 Income Statement Sales Revenue $230,000 Cost of Goods Sold 00,000 Other Expenses 75,000 55,000 Net Income Additional Data a. Bought equipment for cash, $83,000. b. Paid $20,000 on the long-term note payable c. issued new shares of stock for $40,000 cash. d. Dividends of $6,000 were paid in cash. e. Other expenses included depreciation, $20,000; salaries and wages, $25,000; taxes, $30,000. f. Accounts Payable includes only inventory purchases made on credit. Because a liability relating to taxes does not exist, assume that they were fully paid in cash