Presented below are the financial statements of Nosker Company.

NOSKER COMPANY Comparative Balance Sheets December 31
Assets		2014			2013
Cash		$35,780			$20,030
Accounts receivable		32,390			19,560
Inventory		26,130			20,800
Equipment		59,060			77,460
Accumulated depreciationequipment		(29,100	)		(23,990	)
Total		$124,260			$113,860
Liabilities and Stockholders Equity
Accounts payable		$28,030			$ 16,500
Income taxes payable		7,450			8,040
Bonds payable		27,360			32,950
Common stock		17,110			14,130
Retained earnings		44,310			42,240
Total		$124,260			$113,860

NOSKER COMPANY Income Statement For the Year Ended December 31, 2014
Sales revenue		$242,760
Cost of goods sold		176,910
Gross profit		65,850
Operating expenses		24,040
Income from operations		41,810
Interest expense		3,520
Income before income taxes		38,290
Income tax expense		7,220
Net income		$31,070

Additional data:

1.		Dividends declared and paid were $29,000.
2.		During the year equipment was sold for $7,760 cash. This equipment cost $18,400 originally and had a book value of $7,760 at the time of sale.
3.		All depreciation expense, $15,750, is in the operating expenses.
4.		All sales and purchases are on account.