Financial statements - Income statement for 20x4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp (Linc) for December 31, 20X4 and 20X3 Lincoln Corp. - Income Statement as of December 31st, 20X4 Revenue $5,000 Cost of Goods Sold $3,200 Gross Profit $1,800 Operating expenses Operating Profit $1,350 $ 450 Loss on sale of equipment Income tax expense Profit for 20X4 S $ 20 180 250 $ Lincoln Corp. Balance Sheet - December 31 20x4 20x3 Assets Cash Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation Total Assets $ 2,350 $ 1,800 $ 450 $ 1,000 $ 800 $ 700 $ 40 $ 80 $ 2,500 $ 1,500 $(1,350) $(1,000) $ 4,790 $ 4,080 210 Liabilities Shareholders' Equity Account Payable Operating expenses payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity s 680 $ $ 120 $ 50 $ 300 $ 2,500 $ 930 $ 4,790 350 $ 100 0 $ 100 $ 70 $ 2,500 $ 960 $ 4,790 Additional Information for Lincoln Corp: 7) Operating expenses for 20X4 included depreciation for $500 8) Accounts payable relate exclusively to the purchase of inventory 9) Machine with a historical cost of $200 was sold at a loss of $20 10) A new machine was purchased during the year for $1,200 11) Dividends were declared 12) Long term notes payable were issued Total return on assets at December 20X4 was: Multiple Choice Not enough data provided to calculate it Between 17% and 33% Between 34% and 68% Equal or below 16% Equal or above 69%