BG Wholesalers is developing its annual financial statements at December 31, 2016. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized 2016 2015 Balance sheet at December 31 38,500 30,900 Cash 34,700 Accounts receivable 30,200 Merchandise inventory 45,000 39,100 123,700 101,500 Property and equipment Less: Accumulated depreciation 2,400) (26,200) $209,500 $175,500 Accounts payable 38,600 29,800 Accrued wage expense 2,400 2,900 Note payable, long-term 46,000 49,300 Contributed capital 91,700 73,900 Retained earnings 30,800 19,600 $209,500 $175,500 Income statement for 2016 130,000 Sales Cost of goods sold 0,000 Other expenses 38,800 11,200 Net income Additional Data a. Bought equipment for cash, $22,200. b. Paid $3,300 on the long-term note payable. c. Issued new shares of stock for $17,800 cash. d. No dividends were declared or paid e. Other expenses included depreciation, $6,200; wages, $20,200, taxes, $6,800; other, $6,400. 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