Question 4 The following are the financial statements of Nosker Company NOSKER COMPANY Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment 2017 2016 $34,800 $19,750 32,400 26,750 59,150 19,000 20,500 77,750 23,000) (29,600) $123,500 $114,000 Total Liabilities and Stockholders' Equi Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,40016,600 8,300 34,000 13,450 41,650 $123,500 $114,000 7,300 27,600 17,950 42,250 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 $241,900 175,750 66,150 23,250 42,900 2,600 40,300 8.150 $32,150 Additional data 1. Dividends declared and paid were $31,550 2. During the year equipment was sold for $7,500 cash. This equipment cost $18,600 originally and had accumulated depreciation of $11,100 at the time of sale 3. All depreciation expense, $17,700, is in the operating expenses 4. All sales and purchases are on account