Exercise 1-8 The following items and amounts were taken from Motte Inc.'s 2014 income statement and balance sheet. In each case, identify on the item is an asset, liability, stockholders' equity, revenue, or expense item Asset Stockholders' Equity Expense Expense Asset Asset Asset Revenue Liability Liability Revenue Expense Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $84,700 123,192 438,458 115,131 7,818 64,618 88,419 584,951 6,499 49,384 4,806 1,882