The balance sheet for December 31, 2012, December 31, 2011, and the income statement for the year ended December 31, 2012, for Rocket Company follows. Rocket Company Balance Sheet December 31, 2012 and 2011 2012 2011 Assets Cash Accounts receivable, net Inventory Land Building and equipment Accumulated depreciation Total assets $ 100,000 240,000 320,000 200,000 520,000* (340,000) $1.040,000 $ 80,000 280,000 400,000 200,000 460,000 _(280.000) $1.140.000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable $ 140,000 $ 120,000 16,000 12,000 Wanes navale 20 nnn 12 nnn The balance sheet for December 31, 2012, December 31, 2011, and the income statement for the year ended December 31, 2012, for Rocket Company follows. Rocket Company Balance Sheet December 31, 2012 and 2011 2012 2011 Assets Cash Accounts receivable, net Inventory Land Building and equipment Accumulated depreciation Total assets $ 100,000 240,000 320,000 200,000 520,000* (340,000) $1.040,000 $ 80,000 280,000 400,000 200,000 460,000 _(280.000) $1.140.000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable $ 140,000 $ 120,000 16,000 12,000 Wanes navale 20 nnn 12 nnn