Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Current Year Prior Year Balance sheet at December 31 66,950 66,100 9,550 25,850 Cash Accounts receivable 20,500 Merchandise inventory 25,850 Property and equipment 213,850 152,700 47.850 Less: Accumulated depreciation 63,000 263,200 217,300 Accounts payable 13,300 23,600 Wages payable 5,300 5,600 Note payable, long-tem 63,700 76,100 67,700 Contributed capital 104,000 44.300 76,900 Retained earnings 263200 $217,300 Income statement for current year $212,000 Sales 109,000 Cost of goods sold Depreciation expense 15,150 other expenses 44,700 43,150 Net income Additional Data: a. Bought equipment for cash, $61,150. b. Paid $12,400 on the long-term note payable. c. Issued new shares of stock for $36,300 cash. d. Dividends of S10,550 were declared and paid. e. Other expenses all relate to wages. t. Accounts payable includes only inventory purchases made on credit