Audio City, Incorporated, 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. Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment Total Assets: Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Current Year Previous Year $ 65,200 15,800 23,200 227,000 (63,000) $ 268,200 $ 8,200 2,200 61,000 104,000 $ 69,400 21,000 21,000 152,000 (47,000) $216,400 $ 19,400 1,000 77,000 92,800 $268,200 $ 206,000 72,000 47,000 $216,400 Cost of Goods Sold Other Expenses Net Income Additional Data: a. Bought equipment for cash, $75,000. b. Paid $16,000 on the long-term notes payable. c. Issued new shares of stock for $32,000 cash. d. Dividends of $5,200 were paid in cash. 92,000 63,000 $51,000