Problem 17-7A (Part Level Submission) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable Inventony Equipment Accumulated depreciation-equipment $34,000 $19,000 14,000 20,000 77,000 (29,000) (23,000) $122,000 $107,000 32,000 26,000 59,000 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,000 16,000 8,000 32,000 13,000 38,000 $122,000 $107,000 7,000 26,000 17,000 44,000 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 $241,000 175,000 66,000 23,000 43,000 2,000 41,000 7,000 $34,000 Additional data