Problem 13-7A Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets 31 2015 2014 ssets Cash $34,170 $20,500 32,880 Accounts receivable 19,750 26,800 nventory 20,440 Equipment 59,940 77,900 Accumulated depreciation-equipment 29,810 23 620 23,980 $114,970 Total Liabilities and Stockholders' Equity Accounts payable $28,770 16,380 Income taxes payable 7,050 8,270 Bonds payable 27,500 32,030 Common stock. 18,920 14,690 Retaine 41,740 43,600 earnings $123,980 $114,970 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2015 $242,020 Cost of goods sold 175.910 Gross profit 66 110 Operating expenses 23,590 Income from operations 42,520 Interest expens 3,630 Income before income taxes 38,890 Income tax expense 8,670 30,220 Net income Additional data: 1. Dividends declared and paid were $32,080 2. During the year equipment was sold for $7,510 cash. This equipment cost $17,960 originally and had a book value of $7,510 at the time of sale. 3. All depreciation expense, $16,640, is in the operating expenses, 4. All sales and purchases are on account