Problem 17-07A (Video) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets Assets Cash Accounts receivable Inventory Equipment December 31 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 $35,500 $20,800 32,500 19,800 26,150 20,850 59,600 77,650 (29,650) (23,150) $124,100 $115,950 $28,200 $ 16,750 7,350 8,150 27,400 33,900 18,650 14,950 42,500 $124,100 42,200 $115,950 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 $32,000. $241,150 175,100 66,050 23,050 43,000 3,500 39,500 7,200 $32,300 2. During the year, equipment was sold for $8,500 cash. This equipment cost $18,050 originally and had a book value of $8,500 at the time of sale. 3. All depreciation expense, $16,050, is in the operating expenses. 4. All sales and purchases are on account.