Coronado's Custom Clothing (CCC) sells branded clothing to resorts and corporations. The company's comparative financial statements are presented below. 2019 29,000 76,900 25,600 47.100 2,900 152,500 CORONADO'S CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2020 Cash 169,000 Accounts receivable Inventory 70,000 Prepaid expenses 10.000 Total current assets 278,000 Property and equipment Property and equipment 105,000 Less: Accumulated depreciation 53,100 Net property and equipment 51,900 TOTAL ASSETS $329,900 Current liabilities Accounts payable 25,100 Salaries payable 9,400 Interest payable 5.200 147,000 74,500 72,500 $225,000 33,600 4,800 7,800 10,000 278,000 2,900 152,500 105,000 53,100 51,900 $329,900 147,000 74,500 72,500 $225,000 Prepaid expenses Total current assets Property and equipment Property and equipment Less: Accumulated depreciation Net property and equipment TOTAL ASSETS Current liabilities Accounts payable Salaries payable Interest payable Total current liabilities Loan payable Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 25,100 9,400 5,200 39,700 116,000 155,700 33,600 4,800 7,800 46,200 87,000 133,200 21,000 153,200 174,200 $329,900 1,500 90,300 91,800 $225,000 CORONADO'S CUSTOM CLOTHING INCOME STATEMENT For the Years Ended December 31 2020 2019 Sales revenue 924,000 749,000 Cost of sales 636,000 529,000 Gross margin 288,000 220,000 Expenses Salary expense 126,000 108,000 Interest expense 4,900 2,100 Other expenses 8,200 6,200 Depreciation expense 9,000 11,800 Total expenses 148,100 128,100 Operating income 139,900 91,900 Loss disposal of equipment 7,600 1,000 Income tax expense 34,975 18,100 Net income 97,325 72,800 Following is additional information concerning CCC's transactions during the year ended December 31, 2020: Add/(Deduct) non-cash items: > > > v $