n The balance sheet for December 31, 2012, December 31, 2011, and the income statement for the year ended December 31, 2012, for Rocket Company follows. Rocket Company Balance Sheet December 31, 2012 and 2011 Assets Cash Accounts receivable, net Inventory Land Building and equipment Accumulated depreciation Total assets 2012 2011 $ 25,000 $ 20,000 60,000 70,000 80,000 100,000 50,000 50,000 130,000* 115,000 (85,000) (70,000) $260,000 $285,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Wages payable $ 30,000 4,000 5,000 $ 35,000 3,000 3,000