Cole Corporation operates three investment centers. The following financial statements apply to the investment center named Morrison Division MORRISON DIVISION Income Statement For the Year Ended December 31, 2014 $135,000 Sales revenue 78,500 Cost of goods sold Gross margin 56,500 Operating expenses (5,000) Selling expenses Depreciation expense (8,000) 43,500 Operating income Nonoperating item Loss of sale of land (15,000) 28,500 Net income MORRISON DIVISION Balance Sheet As of December 31, 2014 Assets 18,580 Cash Accounts receivable 42,266 37,578 Merchandise inventory 90,258 Equipment less accum. dep. 9,000 Nonoperating assets $197,682 Total assets Liabilities Accounts payable 9,637 72,000 Notes payable Stockholders' equity Common stock 80.000 36,045 Retained earnings $197,682 Total liab. and stk. equity Cole Corporation operates three investment centers. The following financial statements apply to the investment center named Morrison Division MORRISON DIVISION Income Statement For the Year Ended December 31, 2014 $135,000 Sales revenue 78,500 Cost of goods sold Gross margin 56,500 Operating expenses (5,000) Selling expenses Depreciation expense (8,000) 43,500 Operating income Nonoperating item Loss of sale of land (15,000) 28,500 Net income MORRISON DIVISION Balance Sheet As of December 31, 2014 Assets 18,580 Cash Accounts receivable 42,266 37,578 Merchandise inventory 90,258 Equipment less accum. dep. 9,000 Nonoperating assets $197,682 Total assets Liabilities Accounts payable 9,637 72,000 Notes payable Stockholders' equity Common stock 80.000 36,045 Retained earnings $197,682 Total liab. and stk. equity