Requirea information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. Comparative Balance Sheets At December 31 Year 2 Year 1 Assets Cash $ 103,300 $ 51,000 Accounts receivable, net Inventory Prepaid expenses Total current assets Machinery Accumulated depreciation-Machinery Total assets Liabilities Accounts payable 75,500 70,800 58,000 97,000 5,100 6,800 254,700 212,800 Salaries payable 131,000 (30,500) $ 355,200 $ 32,000 6,700 122,000 (12,500) $ 322,300 $ 40,500 16,400 Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, no par value Retained earnings Total liabilities and equity 4,100 5,200 42,800 62,100 37,000 67,000 79,800 129,100 234,000 167,000 41,400 26,200 $ 355,200 $ 322,300 Income Statement