For problems 12 and 13, the following statements are presented for Melvin Company Melvin Company Balance Sheet December 31, 2012, and 2011 $625 $260 $1080 $930 $499 Marketable securities Trade accounts receivable, less allowances of 36 in 2012 and 18 in 2012 Inventories, FIFO Prepaid Expenses $820 $870 Total current assets $3.125 $2.779 $820 $600 Property, Plant, and Equipment $127 $130 $760 $2,100 $1.400 $2,990 $1,100 890 $1,890 $500 $6.335 $5.236 $670 $2,197 $1,307 Buildings and improvements Machinery and equipment Less allowances for depreciation $550 Goodwill Total assets Accounts payable Accrued payroll Accrued taxes $1,200 $100 $900 $80 Total current liabilities Long-term debt Deferred income taxes $1,600 $900 $300 $1,180 $750 $280 Shareholder's equity: Common stock Retained earnings $1,000 $1,000 $2,535 $2,026 $6,335 $5,236 Total liabilities and shareholder's equity Melvin Company Income Statement For the Year Ended December 31, 2012 Net Sales $8,000