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Prepare the Income Statement and the Assets section of the Balance Sheet as of December 31 for Maryland Corporation using the information below: Cash

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Prepare the Income Statement and the Assets section of the Balance Sheet as of December 31 for Maryland Corporation using the information below: Cash $900,000 Equipment 580,000 Account receivable 90,000 Copyright 60,000 Copyright amortization expense 2,000 Inventory 120.000 Patent 20,000 Building 1,500,000 Depreciation expense-building 56,000 Depreciation expense-equipment 43,000 Accumulated depreciation -building 112,000 Accumulated depreciation - equipment 86,000 Sales revenue 590,000 Cost of Goods Sold 235,000 Selling, general, and administrative expenses 110,000 Goodwill 29,000

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