Robco Industries Balance sheet December 31 Current year Prior year Assets Current assets $52.000 $ 25,000 Cash and equivalents Accounts receivable 65,900 51,000 Inventories 40,000 60,000 Prepaid rent 5.000 4000 140,000 Total current assets 162.900 155,700 130 000 (35.000) (25.000) Printing equipment Accumulated depreciation Goodwill Total assets 40.000 50.000 $323,600 $295.000 $56 600 $ 40,000 4.000 6,000 Liabilities and shareholders' equity Accounts payable Income tax payable Wages payable Short-term loans payable Total current liabilities 8,000 4,000 8.000 10.000 76,600 60,000 60,000 69,000 130,000 130.000 Long-term loans payable Common shares Retained earnings Total liabilities and shareholders' equity 57 000 36.000 5323,600 $295,000 Robco Industries Income statement For the current year ended December 31 Sales COGS $333.900 165.000 168.900 Gross profit 96,000 (24.000 48.900 Operating expenses Depreciation expense Operating income Interest expense Impairment loss Gain on sale (11,400) (10,000) A 2000 Income before tax 29500 Income tax expense 6.750 Net Income $22.750 Additional information: Equipment with a cost of $20,000 that was 70% amortized was sold during the current year Required Prepare the SOCF for Robco Industries for the current year using the direct method For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIV 5 Paragraph Arial v 10pt V 1992 SB EL