D Question 38 4 pts K Corporation, a merchandiser, recently completed its calendar year 2019 operations, the company's income statement and balance sheet follow K CORPORATION Assets Comparative Balance Sheets December 31, 2019 and 2018 2019 2018 Cash $292,540 $272,150. Accounts receivable 105,130 97.740 Inventory 296.790 289.380 Total current assets 694,460 659,270 Investments Land Equipment 0 112,120 152,230 0 327,450 255,860 Accum, depreciation-Equipment (76,660) (68.990) Total assets $1,097,480 $958,260 IS EXTRI ICIOUS sand scoon of Hass ave unkryet recordinar WO SAY, ANE hedzerpl Canvas Now Tab New Tab Liabilities and Equity Accounts payable Salaries payable $198.220 $188,780 30.660 33.530 228,880 222,310 Total liabilities Equity Common stock, $5 par value 59,450 46,950 Paid-in capital in excess of par, common 222,320 130,320 stock Retained earnings Total liabilities and equity Sales K CORPORATION Income Statement 586.830 558.680 $1,097,480 $958,260 For Year Ended December 31, 2019 Cost of goods sold Gross profit Operating expenses $1,569,560 646.300 923,260 Gross profit E CIS EXTRA LICIOUS hand sco at Hass a chunky-ye xtracordian we say Dashedterpi 923.260 Operating expenses Depreciation expense $7,670 Other expenses 815.130 822,800 Other gains (losses) Loss on sale of investment Income before taxes Income taxes expense Net income (30.270) 70.190 22.750 $47,440 Additional Information on Year 2019 Transactions 1. Equipment of $71,590 and land of $152, 230 were acquired for cash during the year. 2. There were no disposals of equipment during the year. 3. The investments were sold for $81,850 cash during the year. 4. The common stock issued during the year was issued for cash. 5. Declared and paid cash dividends of $19,290. The net cash flow provided (used) by financing activities for 2019 is: $(19.290) $20,390 $77.150 $85.210 $(123,770)