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The income statement and unclassified statement of financial position for Sandhill, Inc follow SANDHILL, INC. Statement of Financial Position Assets Cash Held for trading investments Accounts receivable Inventory Prepaid expenses Property, plant, and equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Accrued liabilities Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity 2018 2017 $97,600 $48,000 130,000 114,000 5,500 40,000 123,100 94,500 18,800 27,200 278,500 254,000 47,500) (52,000) $676,000 $525,700 100,000 $75,700 7,200 0,000 175,300 260,000 155,000 244,000 112.500 $525,700 12,000 $676,000 SANDHILL,INC. Income Statement Year Ended December 31,2018 Sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and expenses Unrealized gain on held for trading investments Interest expense Income before income tax Income tax expense Net income $571,200 189,300 381,900 116,480 265,420 $16,000 (4,780) 11,220 276,640 43.000 $233,640 Additional information: 1. Prepaid expenses and accrued liabilities relate to operating expenses. 2. An unrealized gain on held for trading investments of $16,000 was recorded. 3. New equipment costing $82,000was purchased for $23,700 cash and a $58,300 long-term bank loan payable. 4. Old equipment having an original cost of $57,500 was sold for $1,700. . Accounts payable relate to merchandise creditors. 6. Some of the bank loan was repaid during the year. . A dividend was paid during the year 8. Operating expenses include $46,600 of depreciation expense and a $4,700 loss on disposal of equipment. SANDH1, INC. Statement of Cash Flows-Direct Method Cash Payments Note Xto the Statement of Cash Flows: During the year, the company purchased equipment costing $ $23,700 cash and issuing a $58,300 bank loan payable. by paying