Finlsh, Inc. Balance Sheets For the years ended 12/31/3 and 12/31/2 \begin{tabular}{cc} Ending & Beginning \\ 12/31/3 & 12/31/2 Change \end{tabular} ASSETS \begin{tabular}{lrr|r|} Cash & 148,200 & 53,000 & 95,200 \\ \hline Accounts receivable (current asset) & 44,000 & 40,000 & 4,000 \\ \hline Prepaid insurance (current osset) & 0 & 200 & -200 \\ \hline Equipment & 80,000 & 90,000 \\ Less Accumulated Depreclation & 29,000 & 10,000 \\ Intangible assets & 4,000 & 5,000 \\ Total Assets & 247,200 & 178,200 \end{tabular} LIABILITIES AND STOCKHOLDERS' EQUITY \begin{tabular}{lrr|r|} \hline Accounts payable (current liability) & 15,000 & 5,000 & 10,000 \\ \hline Unearned revenue (current liability) & 17,000 & 20,000 & 3,000 \\ \hline Notes payable (non-current) & 5,000 & 10,000 \\ Common stock (\$5 par) & 15,000 & 15,000 \\ Paid in capital in excess of par & 4,000 & 4,000 \\ Retained earnings & 191,200 & 124,200 \\ Total Liabilities and Stockholders' Equity & 247.200 & 178,200 \\ \hline \end{tabular} a. Net income is $70,000. b. Depreciation expense is $20,000. c. Amortization expense is $1,000 d. Equipment costing 10,000 with accumulated depreciation of $1,000 sold for $11,000 cash. Gain on the sale is $2,000. e. Paid $5,000 non-current note principal f. Paid cash dividends $3,000