P 12-9: Prepare The condensed financial data of Granger Inc. are presented below r nowsng he indirect method, followving the T Account approach ODGERS INC. Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total s180,992 196,672 252,000 63,616 309,120 638,400 s 108.416 85,120 230,384 58,240 244,160 543,200 (112,000)(116.480) $1,528,800 $1,153,040 Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 228,480 150,752 47,040 36,960 246,400 492,800 524,160 327,040 236,208 $1,528,800 $1,153,040 Income Statement Data For the Year Ended December 31201 Sales revenue $370,150 $303,430 Cost of goods sold Operating expenses, excdluding depreciation 27,798 Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 104,160 61,107 10,595 16,800 523,890 $ 346,260 Net income Additional Information: A. New plant assets costing $224,000 were bought for cash. B. Old plant assets costing $128,800, A/D of $108,640 were sold for 3,360 cash. C. Bonds payable matured and were paid off at face value for cash. D. Cash dividend of $58,308 was declared and paid during the year Suppose Odgers exchanged a building with a NBV of $100,000 for a note receivable for the same value