Problem 17-07A (Video) (Part Level Submission) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total NOSKER COMPANY Income Statement 2020 2019 $34,000 $19,000 32,000 14,000 26,000 20,000 59,000 77,000 (29,000) (23,000) $122,000 $107,000 $28,000 $ 16,000 7,000 8,000 26,000 32,000 17,000 13,000 44,000 38,000 $122,000 $107,000 For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1. Dividends declared and paid were $28,000. $241,000 175,000 66,000 23,000 43,000 2,000 41,000 7,000 $34,000 2. During the year, equipment was sold for $7,500 cash. This equipment cost $18,000 originally and had a book value of $7,500 at the time of sale. 3. All depreciation expense, $16,500, is in the operating expenses. 4. All sales and purchases are on account.