Cole corporation operates three investment centers. the following financial statements apply to the investment center named Morrison division

Cole Corporation operates three investment centers. The following financial statements apply to the investment center named Morrison Division Income Statement For the Year Ended December 31, 2014 Sales revenue $135,000 Cost of goods sold 78,500 56.500 (5.000) Gross margin Operating expenses Selling expenses Depreciation expense (8,000) Operating income Nonoporating item 43,500 Loss of sale of land (15.000) Net income 28,500 Balance Sheet As of December 31, 2014 Assets Cash Accounts is inventory $ 18,580 2,266 37,578 90,258 9,000 Equipment less accum. dep. Nonoperating assets Total assets $197,682 Liabilities Accounts payable 9,637 72,000 Stockholders Common stock Retained earnings 80,000 6,045 Total lab. and stk. equity $197,682