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. Curren Balance Sheet at December 31 Cash Accounts Receivable Equipment 6,480 4,360 9901,930 6,490 5,900 Accumulated Depreciation-Equipment (1,680) (1,340) $12,280 $10,850 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings $ 410 $1,000 750 500 5,900 5,900 3,860 2,700 1,700 S12,280 $10,850 Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense $39,300 36,800 340 1,000 Net Income S 1,160 Additional Data a Bought new hockey equipment for cash, $590 b Borrowed $1,200 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 Required: Type here to search