Homework 2-4 Towmolt sighold This is the financial information for 20X1 for Logan, Inc. Assume a December 31-year end. Accounts Payable $200,000 Accounts Receivable 55,000 Accumulated Depreciation 46,000 Advertising Expense 19,000 Building 250,000 Cash 125,000 Common Stock 300,000 Cost of Goods Sold 500,000 Equipment 190,000 Interest Expense 5,000 Inventory 118,000 Depreciation Expense 28,000 Notes Payable, Long-Term 10,000 Patent 50,000 Rent Expense 60,000 Retained Earnings 171,000 Sales 800,000 Salaries Payable 60,000 Salary Expense 100,000 Tax Expense 15,000 8,000 Taxes Payable Utilities Expense 40,000 Logan, Inc. issued 200 shares of common stock on June 30, 20X1. There were 800 shares of common stock outstanding at the end of 20X0 (last year). The company declared and paid a $10,000 dividend during 20X1. The beginning Common Stock was $240,000 and the beginning Retained Earnings was $141,000. Prepare the Financial Statements