KS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the tatement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance Sheet at December 31 Cash Accounts Receivable Merchandise Inventory Property and Equipment Less: Accumulated Depreciation Current Year Prior Year $ 44,380 $ 33,200 38,750 52,700 30,600 45,600 132,250 122,000 (36,500) (30,500) $231,580 $200,900 $ 36,400 2,450 38,600 53,300 101,200 78,100 37,610 30,650 $231,580 $200,900 Accounts Payable Wages Payable Note Payable, Long-Term Contributed Capital Retained Earnings $ 52,150 2,020 Income Statement (Current year) Sales Cost of Goods Sold Other Expenses Net Income $125,500 72,790 45,750 $ 6,960 Additional Data: a. Bought equipment for cash, $10,250. b. Paid $14,700 on the long-term note payable. c. Issued new shares for $23,100 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $6,000; wages, $25,000; taxes, $7,100; other, $7,650. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.