Entity B reported net income of $98,000 for the current year. Depreciation recorded on buildings and equipment amounted to $30,000 for the year. Balances of needed current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Change 95,000 64,000 41,000 44,000 9,000 15,500 6,500 Accounts receivable Inventory Prepaid insurance Accounts payable Taxes payable Also, a loss on the sale of land of $7,500 was reported. 0 17,000 1,000 31,000 inc

Entity B reported net income of $98,000 for the current year. Depreciation recorded on buildings and equipment amounted to $30,000 for the year. Balances of needed current asset and current liability accounts at the beginning and end of the year are as follows: Also, a loss on the sale of land of $7.500 was teported