HiDef Films, Inc., is developing its annual financial statements at December 31, 2012. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: 2012 2011 Balance sheet at December 31 69,550 65,400 Cash 24,450 Accounts receivable 17,950 24,450 19,100 Merchandise inventory 151,500 211,950 Property and equipment Less: Accumulated depreciation (61,200) (46,950) $262,700 $213,500 11,600 21,800 Accounts payable 2,500 6,300 Wages payable 62,200 Note payable, long-term 74,200 101,800 Contributed capital 66,900 80,800 Retained earnings 48,100 $262,700 $213,500 Income statement for 2012 $205,000 Sales 102,000 Cost of goods sold Depreciation expense 14,250 44,000 Other expenses 44,750 Net income Additional Data: a. Bought equipment for cash, $60,450 b. Paid $12,000 on the long-term note payable c. Issued new shares of stock for $34,900 cash d. Dividends of $12,050 were declared and paid e. Other expenses all relate to wages f. Accounts payable includes only inventory purchases made on credit