Softbyte Corporation L Comparative Balance Sheets December 31, 1018 and 2017 2018 2017 Assets Cash $174,000 $117,000 Accounts Receivable 93,000 81,000 Merchandise Inventory 609,000 534,000 Equipment 333,000 297,000 Accumulated Depreciation- Equipment (156.000 (1 02,000) Total Assets $1.053.000 5917.000 Liabilities & Equity Accounts Payable $69,000 $96,000 Income taxes payable 27,000 14,000 Common Stock, $2 par value 582,000 538,000 Pald-in capital in excess of par value, common stock 198,000 162,000 Retained Earnings 177,000 87,000 Total Liabilities & Equity $1.851.000 Softbyte Corporation Income Statement For Year Ended December 31, 2018 Sales $1.992,000 Cost of goods sold 1,194,000 Gross profit 798,000 Operating expenses Depreciation expense $54,000 Other expenses 501.000 555,000 Income before taxes 243,000 Income taxes capense 42.000 Net income $201.080 Additional Information on Year 2018 Transactions Purchased equipment for $36,000 cash. Issued 12,000 shares of common stock for $5 cash per share. Declared and paid $1 11,090 in cash dividends