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 2013 2012 Balance Sheet at December 31 Cash 6,240 4,280 Accounts Receivable 920 1,790 Equipment 5.720 5.200 Less: Accumulated Depreciation (1,540) (1,270) $11,340 $10,000 Accounts Payable 680 1,200 Wages Payable 480 750 Long-Term Bank Loan Payable 1.600 500 Contributed Capital 5.200 5.200 3,380 2,350 Retained Earnings $11,340 $10,000 Income Statement for 2013 $37,900 Lessons Revenue Wages Expense 35.400 Depreciation Expense 270 Income Tax Expense 1.200 1,030 Net Income Additional Data a. Bought new hockey equipment for cash, $520 b. Borrowed $1,100 cash from the bank during the year c. Accounts Payable includes only purchases of services made on credit for operating there are no liability accounts relating to income tax, assume that this expense was fully paid in cash