Balance sheet December 31 Current year Prior year Assets Current assets Cash and equivalents Accounts receivable Inventories Prepaid rent Total current assets $61,000 70,000 40,000 5,000 176,000 $ 25,000 51,000 60,000 4,000 140,000 Printing equipment Accumulated depreciation Goodwill Total assets 156,000 (35,000) 40,000 $337,000 130,000 (25,000) 50,000 $295.000 Liabilities and shareholders' equity Accounts payable Income tax payable Wages payable Short-term loans payable Total current liabilities $70,000 4,000 8,000 8,000 90,000 $ 40,000 6,000 4,000 10,000 60,000 Long-term loans payable Common shares Retained earnings Total liabilities and shareholders' equity 60,000 130,000 57,000 $337,000 69,000 130,000 36,000 $295,000 Robco Industries Income statement For the current year ended December 31 Sales $345,000 COGS 165,000 Gross profit 180,000 Operating expenses Depreciation expense Operating income Interest expense Impairment loss Gain on sale Income before tax Income tax expense Net income 96,000 (24,000) 60,000 (11,400) (10,000) 2.000 40600 (6.750) $33,850 Additional information: Equipment with a cost of $20,000 that was 70% amortized was sold during the current year, Required . Prepare the SOCF for Robco Industries for the current year using the direct method