GL1201 - Based on Exercise 12-11 LO P1, P2, P3, A1

Please help me find the Missing blanks and the incorrect answers that are on the Journal Entry.

June 30, 201/ and 2016 2017 Assets Cash Accounts receivable, net Inventory Prepaid expense:s Total current assets Equipment Accum. depreciation-Equipment Total assets $ 84,200 47,000 55,000 98,000 5,300 6,608 230,500 206,600 163,000 151,000 (42,900) (14,000) $351,500 $343,600 70,000 71,000 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 $ 34,000 42,000 17,000 4,600 63,600 90,000 90,100 153,600 7,000 4,100 45,100 45,000 220,000 160,000 30,000 $351,500 $343,600 41,400 DELRAY INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $852,000 521,000 331,000 Depreciation expense $71,000 Other expenses Total operating expenses 154,000 177,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,900 180,900 55,370 $125,530 Addltlonal Informatlon a. A $45.000 note payable is retired at its $45.000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $70,000 cash. d. Received cash for the sale of equipment that had cost $58,000, yielding a $3,900 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Date Account Title Jun 30 Cash 15,000 Sales 521,000 Jun 30 8,000 27,000 502,000 Jun 30 71,000 71,000 Accumulated depreciation Equipment 83,000 Jun 30 10,000 able 1,300 91,700 Prepaid expenses Jun 30 58,000 3,900 Gain on sale of equipment 553700 Jun 30 55,780 45,000 Jun 30 Notes payable (long-term) 45,000 70,000 Jun 30 70,000 8,000 Jun 30 60,000 Common stock, $5 par value 10 8520000 3.9000 Jun 30 Gain on sale of equipment 855,900 12 Jun 30 125,530 125,530 18,900 13 Jun 30 43,000 58,000 3,900 Gain on sale of equipment