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:

$\backslash$table$[[$Balance Sheet at December $31,$Current Year,Previous Year$],[$Cash$,$$$55,000,$$$60,600$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:

Current Year Previous Year

Balance Sheet at December $31$

Cash $ $55,000$ $ $60,600$

Accounts Receivable $14,20019,000$

Inventory $20,80019,000$

Equipment $219,000148,000$

Accumulated Depreciation$$Equipment $(57,000)(43,000)$

Total Assets $ $252,000$ $ $203,600$

Accounts Payable $ $7,800$ $ $18,600$

Salaries and Wages Payable $2,0001,000$

Notes Payable $($long$-$term$)59,00073,000$

Common Stock $96,00068,000$

Retained Earnings $87,20043,000$

Total Liabilities and Stockholders$$ Equity $ $252,000$ $ $203,600$

Income Statement

Sales Revenue $ $194,000$

Cost of Goods Sold $88,000$

Other Expenses $57,000$

Net Income $ $49,000$

Additional Data:

Bought equipment for cash, $$71,000.$

Paid $$14,000$ on the long$-$term notes payable.

Issued new shares of stock for $$28,000$ cash.

Dividends of $$4,800$ were paid in cash.

Other expenses included depreciation, $$14,000$; salaries and wages, $$19,000$; taxes, $$24,000.$

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.