PORYGONERY TROOMPORKEER Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Salaries payable Total current liabilities Equity Common stock, no par value Retained earnings Corrent Tear Prios Year $ 64,000 18,700 167,600 250,300 92,800 (42,000) $ 301,100 $44,700 800 45,500 216,400 $ 64,600 23,100 133,500 221,200 79,000 (29,100) $ 271,100 $ 48,400 1,000 49,400 199,900 39,200 21,800 Total liabilities and equity $ 301,100 $ 271,100 MONTGOMERY INCORPORATED Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Salaries expense Depreciation expense $ 78,000 (32,300) 45,700 9,700 12,900 Income before taxes Income tax expense Net income 23,100 5,700 $ 17,400 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $16,500 cash. c. Purchased equipment for cash; no equipment was sold.