Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Current Year $ 39,600 36,500 46,000 125,900 (34,400) $213,600 $ 40,500 Prior Year $ 31,700 31,700 40,800 102,800 (27,200) $179,800 $ 31,800 4,400 52,200 3,600 47,800 94,700 74,800 27,000 16,600 $213,600 $179,800 $138,000 88,000 39,600 $ 10,400 Additional Data: a. Bought equipment for cash, $23,100. b. Paid $4,400 on the long-term note payable. c. Issued new shares of stock for $19,900 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $7,200; wages, $20,600; taxes, $6,700; other, $5,100. f. Accounts payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.