Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with additional information Current Previous Year Year Balance Sheet at December 31 5,920 3,740 810 1,570 4,510 4,100 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment (1,320) (1,160) 9,920 8,250 690 1,100 Accounts Payable 750 Salaries and Wages Payable 5900 500 1,500 Note Payable (long-term) Common Stock 4,100 4,100 Retained Earnings 3,040 1,800 9,920 8,250 Income Statement $41,300 Service Revenue Salaries and Wages Expense 38,800 Depreciation Expense 160 Income Tax Expense 1,100 Net Income 1,240 Additional Data: a. Bought new hockey equipment for cash, $410. b. Borrowed $1,000 cash from the bank during the year. c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash