Oakley Company Comparative Balance Sheets December 31 Assets 2020 Cash $83,900 Accounts receivable 91,000 Inventory 124,800 Investments 83,900 Equipment 260,000 Accumulated depreciation-equipment (49.100) $594,500 2019 $47,500 57,600 104,400 85,000 204,000 (41,000) $457,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $57,300 12,000 99,000 252,000 174.200 $594,500 $49,300 18,800 68,000 200,000 121,400 $457,500 Oakley Company Income Statement For the Year Ended December 31, 2020 Oakley Company Income Statement For the Year Ended December 31, 2020 Sales revenue Gain on disposal of plant assets $300,500 9,200 309,700 Less: Cost of goods sold Operating expenses (excluding depreciation expense) Depreciation expense Income tax expense Interest expense Net income $100,400 13,700 49,300 8,000 3,000 174,400 $135,300 Additional information: 1. Equipment costing $97,000 was purchased for cash during the year. Investments were sold at cost. Equipment costing $41,000 was sold for $9,000, resulting in gain of $9,200. A cash dividend of $82,500 was declared and paid during the year. OAKLEY COMPANY Worksheet --Statement of Cash Flows For the Year Ended December 31, 2020 Balance Reconciling Items 12/31/19 Debit Balance Sheet Accounts Debits Totals Credits Question 3 of 3 - /6 Credits Totals Statement of Cash Flow Effects Total Totals