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 Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment 5 6.180 4.180 1.730 4,900 890 5,390 1.480 S 10.980 9.550 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings 510 1.600 4,900 750 500 4,900 S 10.980 9.550 Income Statement Sales Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income $ 39.700 5 37.200 240 5 1.060 Additional Data: a. Bought new hockey equipment for cash, S490 b. Borrowed S1,100 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