Presented below are the financial statements of Nosker Company.

NOSKER COMPANY Comparative Balance Sheets December 31
Assets		2014			2013
Cash		$35,010			$20,740
Accounts receivable		32,070			18,800
Inventory		26,880			20,670
Equipment		59,560			77,390
Accumulated depreciationequipment		(29,580	)		(23,200	)
Total		$123,940			$114,400
Liabilities and Stockholders Equity
Accounts payable		$28,050			$ 16,770
Income taxes payable		7,120			8,100
Bonds payable		26,560			32,960
Common stock		18,400			13,670
Retained earnings		43,810			42,900
Total		$123,940			$114,400

NOSKER COMPANY Income Statement For the Year Ended December 31, 2014
Sales revenue		$241,860
Cost of goods sold		175,230
Gross profit		66,630
Operating expenses		24,730
Income from operations		41,900
Interest expense		3,490
Income before income taxes		38,410
Income tax expense		7,430
Net income		$30,980

Additional data:

1.		Dividends declared and paid were $30,070.
2.		During the year equipment was sold for $8,440 cash. This equipment cost $17,830 originally and had a book value of $8,440 at the time of sale.
3.		All depreciation expense, $15,770, is in the operating expenses.
4.		All sales and purchases are on account.

Further analysis reveals the following.

1.		Accounts payable pertain to merchandise suppliers.
2.		All operating expenses except for depreciation were paid in cash.