Description 2015 2016 Cash $9,000 8,000 Accounts Receivable 25,000 24,000 Investments 11,000 15,000 Equipment 1?0,000 220,000 Accumulated Depreciation (0,000), (50%) Total Assets $125,000 $21?,000 Current Liabilities: Accounts Payable $0.000 $10,000 Mortgage Payable (current) 14.000 12,000 Dividend Payable 15,000 5,000 Noncurrent Liabilities: Mortgage Payable 105,000 $125,000 Common Stock 25,000 35,000 Retained Earnings 10 000 30 000 Total Liabilities and Dimers' Equity $125,000 $217,000 Additional Information: 1} Equipment costing $25,000 and full}.F depreciated {to $0} was sold for $10,000. 2} Longterm investments costing $12,000 were sold for $12,000. 3} Income before gain on the sale of equipment for 2016 totaled $30,000. The rm's average tax rate is 20 percent. 1. Determine Net Income for the Caesars Inn. What is your answer? a. $4,000 h. $32,000 I:. $22o,ono [1. $40,000