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 Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation Equipment1580) (1290) $ 6,180 $ 4,260 940 1,830 5,940 5,400 $11,480 $10,200 Accounts Payable Salaries and Wages Payable Note Payable (long-term Common Stock Retained Earnings s 560 $ 1,100 750 500 5,400 5,400 3,560 2,450 460 1,500 11,480 $10.200 Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense $38,300 35,800 290 1,100 Net Income 1,110 Additional Data a Bought new hockey equipment for cash, $540 b. Borrowed $1,000 cash from the bank during the year c. Accounts Payable includes only purchases of services made on credit for operating Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash Reauired: Type here to search