Please allocate your time between multiple-choice questions and journal entry questions efficiently within the 90 minute exa D Question 23 Sketchers Corporation's recent comparative balance sheet and income statement follow. Balance Sheets, December 31 2019 2020 Changes Assets Cash and cash equivalents $39,000 $63,000 $24,000 Accounts receivable (net) 58,000 55,000 (3,000) Merchandise inventory 136,000 160,000 24,000 Investments, long-term 10,000 (10,000) Plant assets 337,000 367,000 30,000 Accumulated depreciation (88.000) (89.000) (1.000) Total assets $492,000 $556.000 $64.000 Liabilities and Stockholders' Equity Accounts payable $15,000 $9,000 ($6,000) Salaries payable 3,000 4,000 1,000 Income taxes payable 4,000 6,000 2,000 Interest payable 5,000 5,000 0 Bonds payable, issued at face value 200,000 200,000 Common stock, no-par 240,000 288,000 48,000 Retained earnings Total liabilities and stockholders' equity 25.000 44.000 19.000 $492,000 $556.000 $64.000 Income Statement For Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross margin Depreciation expense Salaries expense Income tax expense Interest expense $234,000 (114.000) $120,000 (26,000) (24,000) (20,000) (4,000) MacBook Pro