Income Statement For the year ended December 31, 2013 $1,070,000 1r,) 1,087,000 700,000 Sales revenue Gain on equipment sale Total revenue Cost of goods sold Operating expenses Depreciation expense Interest expense Wages expenses Other expenses $30,000 7,400 175,000 16,000 Income before taxes Tax expense 228,400 158,600 63,400 Net income Cook Enterprises Comparative Balance Sheet As of December 31 2013 2012 Accounts receivable, net Inventory $124,2100 287,200 125,000 $40,400 269,800 Total current assets Property, plant&equipment 95,000 40:5,2 160,000 297,000 g%),(0 207,000 S743400 Net property, plant & equipment 100), Total assets $505200 Accounts payable Taxes payable Mortgage payable 150,000 17,600 70400 175,000 20,000 0 195,000 250,000 Total liabilities Common stock Retained earnings 350,000 155,400 Total stockholders' equity Total liabilities & stockholders' equity 310,200 $505 200 $743 400