Problem 13-7A (Part Level Submission) The following are the financial statements of Nosker Company NOSKER COMPANY Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accum 2017 2016 $34,950 $19,600 18,050 20,500 77,700 32,500 26,350 59,850 (29,650) ulated depreciation-equipment (23,200) Total $124,000 $112,650 Liabilities and Stockholders' Equi Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $29,000 $16,250 8,400 32,450 14,200 41,350 $124,000 $112,650 7,400 26,400 18,350 42,850 Total NOSKER COMPANY For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,150 175,350 65,800 24,500 41,300 3,800 37,500 8,200 29,300 Additional data: 1. Dividends declared and paid were $27,800 2. During the year equipment was sold for $8,000 cash. This equipment cost $17,850 originally and had accumulated depreciation of $9,850 at the time of sale 3. All depreciation expense, $16,300, is in the operating expenses 4. All sales and purchases are on account