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Seatwork No. 1 REVIEW OF FINANCIAL STATEMENTS The following are the balance sheet and income statement data of Gensan Company: Balance Sheet and December 31, 2019 December 31, 2018 Income Statement Accounts Accounts receivable 59,000 69,000 Accrued expenses payable 3,500 2,000 Building, net 71,000 63,000 Cash 48,000 30,000 Common stock 224,000 200,000 Income taxes payable 2,500 2,000 Inventory 84,000 76,000 Land 28,000 26,000 Machinery, net 11,000 10,000 Cost of goods sold 22,000 30,000 Interest expense 4,000 3,500 Accounts payable 14,000 35,000 Sales 100,000 85,000 Depreciation expense, machinery 8,000 8,000 Prepaid insurance 4,000 3,000 Selling and administrative expenses 20,000 18,000 Depreciation expense, building 6,000 6,000 Mortgage payable 35,000 35,000 Income taxes 15,000 13,000 Retained earnings 26,000 3,000 Required: 1. Comparative Balance Sheet 2. Comparative Income Statement 3. Statement of Cash Flows