rative Balance Sheets 31, 2018 and 2017 Assets Cash Accounts receivable, net Inventory Total current assets Equ ipment Accum. depreciation-Equipment Total assets 38,200 38,700 13,400 77,500 145,800 129,600 45, 800 10,800 96,800 53,600 (24,200) (16,900) $175,200 $158,500 Liabilities and Equity Accounts payable Salaries payable Total current liabilities Equity Common stock, no par value Retained earnings 25,700 28,100 500 400 26,100 28.6 129,300 119,000 19,80010,900 $175,200 $158,500 Total liabilities and equity MONTGOMERY INC. Income Statement For Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses $ 40,300 (16-700) 23,600 7,300 5,000 Depreciation expense Other expenses Total operating expense Income before taxes Income tax expense Net income 12,300 11,300 2,400 $ 8,900 Additional Information a. No dividends are declared or paid in 2018 b. Issued additional stock for $10,300 cash in 2018. c. Purchased equipment for cash in 2018; no equipment was sold in 2018. rev 1 of 4