Problem 13-7A The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 2017150 34,300 $ 20,150 18,900 20,650 77,950 23,550 $124,500 $114,100 2016 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment 32,800 26,900 59,900 (29,400) Total Liabilities and Stockholders Equit Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 28,600 16,050 8,200 33,300 13,700 42,850 $124,500 $114,100 7,300 27,200 18,000 43,400 Total NOSKER COMPANY Income Statement 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 $241,900 175,200 66,700 24,300 42,400 2,300 40,100 7,750 $32,350 Additional data 1. Dividends declared and paid were $31,800 2. During the year equipment was sold for $8,250 cash. This equipment cost $18,050 originally and had accumulated depreciation of $9,800 at the time of sale 3. All depreciation expense, $15,650, is in the operating expenses. 4. All sales and purchases are on account