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You are the controller for Foxboro Technologies. Your staff has prepared an income statement from the current year and has developed the following additional information by analyzing changes in the company's balance sheet accounts. FOXBORO TECHNOLOGIES INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2018 Revenue: Net sales Interest income Gain on sales of marketable securities. Total revenue and gains $3,400,000 60,000 25,000 $3,485,000 $1,500,000 Costs and expenses: Cost of goods sold Operating expenses including depreciation of $75,000) Interest expense Income tax expense Loss on sales of plant assets Total costs, expenses, and losses Net income 900,000 27,000 115,000 8,000 2,550,000 935,000 Chapter 13 Statement of Cash Flow Additional Information 1. Accounts receivable increased by 560.000 2. Accrued interest receivable decreased by 55,000 3. Inventory decreased by $30,000, and accounts payable to suppliers of merchandise decreased by $22.000 4. Short-term prepayments of operating expenses increased by $8.000), and accrued liabilities for operating expenses decreased by S9,000. 5. The liability for accrued interest payable increased by 54,000 during the year. 6. The liability for accrued income taxes payable decreased by $10,000 during the year. 7. The following schedule summarires the total debit and credit entries during the year in other balance sheet accounts Debit Entries Credit Entries Marketable Securities Notes Receivable (cash loans made to borrowers) Plant Assets (see paragraph 8) Notes Payable (short-term borrowing) Capital Stock ... Additional Paid-in Capital-Capital Stock Retained Earnings (see paragraph 9) $ 50,000 30,000 350,000 70,000 $ 40,000 27.000 30.000 56,000 60.000 100,000 935.000 300,000 8. The $30,000 in credit entries to the Plant Assets account is net of any debits to Accumulated Depreciation when plant assets were retired. Thus the $30,000 in credit entries represents the book value of all plant assets sold or retired during the year. 9. The $300,000 debit to Retained Earnings represents dividends declared and paid dur ing the year . The $935,000 credit entry represents the net income shown in the income statement 10. All investing and financing activities were cash transactions 11. Cash and cash equivalents amount to $20,000 at the beginning of the year and to $473,000 at year-end. Instructions