chapter 11 | eztonteducationcorn/hm.tpx?-:0.5046767555456247-1507239173 2018 2017 Assets: Current assets Cash Accounts receivable Inventory Prepaid rent $74,600 $156,250 74,000 85,000 2,000 67,000 71,000 8,200 Long-term assets: Land Equipment Accumulated depreciation 430,000 720,000 (552,000) (400,000) 430,000 972,500 Total assets $ 1,071,300 S 1,067,250 Liabilities and Stockholders' Equity: Current liabilities Accounts payable Interest payable $76,000 S 89,000 6,750 6,000 5,800 16,000 7,500 650,000 Income tax payable Long-term liabilities: Notes payable Stockholders' equity 112,500 Common stock Retained earnings 650,000 203,000 316,000 Total liabilities and stockholders' equity S 1,071.300 S 1,067,250 Additional Information for 2018: 1. Net income is $133,000 2. The company purchases $252,500 in equipment. 3. Depreciation expense is $152,000 4. The company repays $105,000 in notes payable 5 The company declares and pays a cash dividend of $20 000