GL1201 (Algo) - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. ONTARIO INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 2019 2018 $ 130,800 68,000 $ 76,900 53,000 69,000 96,000 5,200 6,500 273,000 232,400 160,000 (39,000) $ 394,000 $ 33,000 6,000 148,000 (13,000) $ 367,400 $ 40,000 16,000 4,000 4,400 43,000 60,400 43,000 85,000 86,000 145,400 250,000 180,000 58,000 $ 394,000 42,000 $ 367,400