Fill out the correct dollar amounts for each journal entry given the information above the entries.

GL1201 (Algo) - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. 2018 QUALITY FIRST INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 120,200 Accounts receivable, net 76,000 Inventory 68,000 Prepaid expenses 4,600 Total current assets 268, 800 Equipment 137,000 Accumulated depreciation-Equipment (33,000) Total assets $ 372,800 Liabilities and Equity Accounts payable $ 31,000 Wages payable 8,000 Income taxes payable 4,100 Total current liabilities 43, 100 Notes payable (long term) 40,000 Total liabilities 83, 100 Equity Common stock, $5 par value 240,000 Retained earnings 49, 700 Total liabilities and equity $ 372,800 $ 72,800 59,000 94,000 5,800 231,600 127,000 (11,000) $ 347,600 $ 38,000 19,000 4,600 61,600 80,000 141,600 170,000 36,000 $ 347,600 QUALITY FIRST INCORPORATED Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 63,000 Other expenses 71,000 Total operating expenses $ 727,000 445,000 282,000 $ 134,000 148,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,400 150,400 46,040 $ 104,360 Additional Information a. A $40,000 note payable is retired at its $40,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $62,000 cash. d. Received cash for the sale of equipment that had cost $52,000, yielding a $2,400 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. No Date Account Title Debit Credit 1 June 30 Cash Accounts receivable, net Sales . 2 June 30 Cost of goods sold Accounts payable Inventory Cash | June 30 Depreciation expense Accumulated depreciation - Equipment + 4 June 30 Other expenses Wages payable Prepaid expenses Cash 5 5 June 30 Cash Accumulated depreciation - Equipment Equipment Gain on sale of equipment 6 June 30 Income taxes expense Income taxes payable Cash 7 June 30 Notes payable (long-term) Cash 0 8 June 30 Equipment Cash 9 June 30 Cash Common stock, $5 par value 10 June 30 Sales Gain on sale of equipment Income summary 11 June 30 Income summary Cost of goods sold Depreciation expense Other expenses Income taxes expense 12 June 30 Income summary Retained earnings 13 June 30 Retained earnings Cash