Cash The following is a list of accounts for the Pumpkin Company at December 31: Accounts Receivable Accounts Payable Accumulated Depreciation - Building Building Capital Stock $ 15,000 6,000 40,000 300,000 200,000 12,000 Depreciation Expense 6,000 Dividends 6,000 Income Tax Expense 2,000 Interest Payable 1,000 Inventory: January 1 8,000 December 31 3,000 Notes Payable, due next year 10,000 Purchases 120,000 Purchases Discounts 1,000 Retained Earnings, January 1 65,000 Salaries Expense 45,000 Salaries Payable 3,000 Sales 200,000 Transportation-in 2,000 Utilities Expense 10,000 Requirements: 1) Prepare a cost of goods sold calculation for the current year. 2) Prepare an income statement for the current year. gross margin 126,000 3) Prepare a balance sheet, at December 31, of the current year. Inventory used twice