Georgia Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Beginning Balance Balance Assets: Cash and cash equivalents $ 40 $ 30 Accounts receivable 57 53 Inventory 62 55 Plant and equipment 685 580 Accumulated depreciation (404) (350) Total assets $430 $368 Liabilities and stockholders' equity: Accounts payable $ 37 $ 46 Wages payable 21 25 Taxes payable Bonds payable 15 18 194 192 Common stock 30 39 Retained earnings 133 48 Total liabilities and stockholders' equity $430 $368 Income Statement Sales Cost of goods sold Gross margin $895 557 338 Selling and administrative expense Net operating income 177 161 Income taxes Net income 61 $100 Georgia sold some equipment during the period that had cost $150 and had accumulated depreciation of $110. The equipment was sold for $55. Convert net income to cash provided by operations using the indirect method. Place your solution on the following blank page. On the basis of your indirect method analysis, answer the following: What is Cost of Goods Sold on a cash basis? Explain your adjustments for Accounts Receivable and Wages Payable?