*Problem 17-8A The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 ssets 2017 2016 Cash $36,800 $20,800 32,100 18,900 Accounts receivable Inventory 29,600 20,500 Equipment 59,500 77,600 Accumulated depreciation-equipment (29,900) (23,600 $128,100 $114,200 Tota Liabilities and Stockholders' Equity Accounts payable $28,500 16,100 Income taxes payable 7,000 8,300 Bonds payable 27,300 32,300 Common stock 17,100 13,900 43,600 Retained earnings 48,200 $128,100 $114,200 Tota NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue $241,300 Cost of goods sold 175,300 Gross profit 66,000 operating expenses 23,800 Income from operations 42,200 Interest expense 4,000 Income before income taxes 38,200 Income tax expense 8,900 Net income $29,300 Additional data: 1. Dividends declared and paid were $24,700. During the year equipment was sold for $9,200 cash. This equipment cost $18,100 originally and had a book value of $9,200 at the time of sale. 3. All depreciation expense, $15,200, is in the operating expenses 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash