Cel s o 2 pts each 36 points. B. D. Directions: Complete the accounting equation and questions below with the information provided Points: 18 items 2 pts.e Background Information: 1 The company started when it acquired $55,000 cash issuing common stock 2 Purchased a new industrial oven that cost $35,000 cash 3 Eamed $75,000 in cash revenue 4 Paid $30,000 cash for salaries Expense 5 Adjustment for use of industrial oven. Purchased on January 2,1018 with a useful life of 4 years and salvage value of $4,000 Straight-line Depreciation was used of the entry on December 31,2018 a) Compete the accounting equation Goofy Company Accounting Equation Balance Sheet Income Statement S Event Assets Accumulated Stockholders Equity Cash Equipment Depreciation Common Stock + Retained Earnings Revenue Expense Net Income 2. 2 Total 4 b) What amount of depreciation expense should be reported on the 2018 income statement? 6 c) What amount of accumulated depreciation expense should be reported on the 2019 income statement? -7 R Helnful Resources Problem 42 Problem 43 Problem 4.4 Problem 45 Problem 4.6 Beady Recovered O Type here to search