Bridgeport Inc., a greeting card company had the following statements prepared as of December 31, 2020 BRIDGEPORT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6.000 $7,100 Accounts receivable 62.000 50,900 Short-terin debt investments (available-for-sale 34,900 17,900 Inventory 40,400 5900 Prepaid rent 5,300 3,900 Equipment 154,900 129.200 Accumulated depreciation-equipment C4900) 125,200) Copyrights 46.200 49,500 Total assets $314,600 $293,100 Accounts payable $46.500 $40.100 Income taxes payable 4.000 6.100 Salaries and wages payable 8.000 1900 Short-term loans payable 8.100 10,000 Long-term loans payable 60,600 69.200 Common stock $10 par 100,000 100,000 Contributed capital,common stock 30.000 30.000 Retained earnings 57.400 33,800 Total liabilities & stockholders equity $314.600 $293,100 BRIDGEPORT INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross profit $340.125 174,600 165.525 Operating expenses 119.0001 Operating income 46,525 Interest expense $11,400 Gain on sale of equipment 2000 8400 Income before tax 37.125 Income tax expense 7.425 Net income $29.700