COMPREHENSIVE PROBLEM 3 Mountain Sports, Inc. Mountain Sports, Inc., is a retailer that has engaged you to assist in the preparation of its financial statements at December 31, 2018. Following are the correct adjusted account balances, in alphabetical order, as of that date. Each balance is the "normal" balance for that account. (Hint: The "normal" balance is the same as the debit or credit side that increases the account.) Accounts payable $ 12,750 Accounts receivable 2,600 Accumulated depreciation: office equipment 12,000 Additional paid-in capital (common stock) 13,000 Bonds payable (due December 31, 2021) 22,500 Cash 19,200 Common stock (1,800 shares, $10 par value) 18,000 Cost of goods sold 100,575 Deferred income taxes 5,750 Depreciation expense: office equipment 2,750 Dividends declared 5,000 Income tax expense 8.190 Insurance expense 900 Land 39,500 Merchandise inventory 17,500 Notes payable (due December 31, 2019) 2,500 Office equipment 41,000