Balance Sheet, December 31 Cash Accounts receivable Merchandise inventory Equipment, net Total assets Accounts payable The accounting records of Guci Corp. show the following data for the current year. Prior Year Current Year Difference $175 $114 S(61) 525 350 (175) 175 525 350 3,150 3,850 700 $4,025 $4,839 $814 $481 $420 $(61) Salaries payable 88 44 (44) Bonds payable 1,050 1,225 175 Common stock (no-par) 1.925 2.100 175 Retained earnings 481 1,050. 569 Total liabilities and stockholders' equity $4,025 $4,839 $814 Income Statement For the Current Year Ended December 31 Revenues Cost of goods sold Depreciation Other expenses Net income $50 2.975 700 674 $901