Printers Corporation Balance Sheet December 31, 2018 2018 2017 Assets $ 55,000 S 33,000 24,000 10,000 7,000 20,000 50,000 (14,000) (6,000) S 398,000 S 138,000 Accounts receivable, net Inventories Prepaids expenses 19,000 20,000 1,000 130,000 187,000 Equipment Liabilities & Stockholders' Equity Accounts payable Operating expenses payable Income taxes payable Dividends payable Bonds payable Common stock Paid-in capital in excess of par-CS Retained earnings $ 8,000 4,000 20,000 3,000 2,000 12,000 130,000 10,000 68,000 8,000 33,000 164.000000 S 398,000 S 138,000 Printers Corporation Income Statement For the year ended December 31,2018 S 507,000 Sales Cost of goods sold Operating expenses Depreciation expense Loss on sale of equipment Interest expense Income before incomes tax Income tax expense $ 150,000 111,000 12,500 3,000 42,00018 500 47,000 20,000 141,500 Net income Additional facts for 2018: a. Issued $110,000 in long-term bonds in exchange for land. b. Issued common stock for cash o.All equipment transactions were for cash; purchased equipment cost $160,000