he balance sheots of Sharko Brothers inc. at December 31,2018 and December 31, 2018 ng the related Income statement for the year ended December 31, 2019 are as follows: Cash Trading securities Securities fair value adjustment Accounts Inventory Prepaid Expenses 70,900 (3,100) 124,100 2,000 112,550 3,200 80,000 (32,000) 57,500 Accumulated Depreciation 42,000 Accounts Payable Salaries Payable Accrued Expenses Payable Dividends Payable Bonds Payable Bond Premium Common Stock 48,000 50,000 75,000 100,000 Paid-in Capital in Excess of Par 0,000 (17,500) 83,300 S,500) Treasury Stock Paid in Capital from Treasury Stk. Trans. 500 Sharko Brothers Inc. Income Statement for the year ended December 31, 2019 Sales Interest Revenue Dividend Revenue Gain on sale of Trading Securities Gain on Sale of Equipment Gain on the sale of Patents 31,000 Total Revenue & Gains 692,000 Cost of Goods Sold 261,600 157,000 13,500 Depreciation Expense-M&E Amortization Expense- Patents Other Operating Expenses Interest Expense (including $800 premium amort) Loss on Bond Retirement Unrealized holding loss-Trading Securities Total Expenses & Losses Income Before Tax Income Taxes Net Income 6,400 566,700 125,300 37,000 88,300 Cash was paid for Patents Patents costing Cash dividends were declared Stock was issued in exchange for cash Treasury shares were re-issued for cash Equip. with an original cost of $51,000 was sold for cash Trading securities were sold for cash Trading securities costing 11,000 were sold for cash $ 42,000 were purchased with cash. Bonds were retired with casth on December 31, 2019. Packaging Equipment was purchased with cash he balance sheots of Sharko Brothers inc. at December 31,2018 and December 31, 2018 ng the related Income statement for the year ended December 31, 2019 are as follows: Cash Trading securities Securities fair value adjustment Accounts Inventory Prepaid Expenses 70,900 (3,100) 124,100 2,000 112,550 3,200 80,000 (32,000) 57,500 Accumulated Depreciation 42,000 Accounts Payable Salaries Payable Accrued Expenses Payable Dividends Payable Bonds Payable Bond Premium Common Stock 48,000 50,000 75,000 100,000 Paid-in Capital in Excess of Par 0,000 (17,500) 83,300 S,500) Treasury Stock Paid in Capital from Treasury Stk. Trans. 500 Sharko Brothers Inc. Income Statement for the year ended December 31, 2019 Sales Interest Revenue Dividend Revenue Gain on sale of Trading Securities Gain on Sale of Equipment Gain on the sale of Patents 31,000 Total Revenue & Gains 692,000 Cost of Goods Sold 261,600 157,000 13,500 Depreciation Expense-M&E Amortization Expense- Patents Other Operating Expenses Interest Expense (including $800 premium amort) Loss on Bond Retirement Unrealized holding loss-Trading Securities Total Expenses & Losses Income Before Tax Income Taxes Net Income 6,400 566,700 125,300 37,000 88,300 Cash was paid for Patents Patents costing Cash dividends were declared Stock was issued in exchange for cash Treasury shares were re-issued for cash Equip. with an original cost of $51,000 was sold for cash Trading securities were sold for cash Trading securities costing 11,000 were sold for cash $ 42,000 were purchased with cash. Bonds were retired with casth on December 31, 2019. Packaging Equipment was purchased with cash