Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 38,000 $ 20,000 Accounts receivable 30,000 14,000 Inventory 27,000 20,000 Equipment 60,000 78,000 Accumulated depreciation-equipment (29,000) (24,000) Total $126,000 $108,000 Liabilities and Stockholders' Equity Accounts payable $ 24,000 $ 15,000 Income taxes payable 7,000 8,000 Bonds payable 27,000 33,000 Common stock 18,000 14,000 Retained earnings 50,000 38,000 Total $126,000 $108,000 NOSKER COMPANY Income Statement For the Year Ended December 31, 2014 Sales revenue .... ..... $242,000 Cost of goods sold .. 175,000 Gross profit ..... 67,000 Operating expenses ......". 24,000 Income from operations ...... 43,000 Interest expense ....... 3,000 Income before income taxes ......................". 40,000 Income tax expense ..............................". 8,000 Net income ..... $ 32,000 Additional data: 1. Dividends declared and paid were $20,000. 2. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale. 3. All depreciation expense, $14,500, is in the operating expenses. 4. All sales and purchases are on account