The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $35,750 $19,550 Accounts receivable 32,650 19,350 Inventory 26,800 20,100 Equipment 59,300 77,550 Accumulated depreciationequipment (29,950 ) (23,150 ) Total $124,550 $113,400 Liabilities and Stockholders Equity Accounts payable $28,600 $ 16,650 Income taxes payable 7,050 8,300 Bonds payable 27,100 32,900 Common stock 17,900 13,800 Retained earnings 43,900 41,750 Total $124,550 $113,400 NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue $241,800 Cost of goods sold 176,700 Gross profit 65,100 Operating expenses 24,750 Income from operations 40,350 Interest expense 3,750 Income before income taxes 36,600 Income tax expense 7,700 Net income $28,900 Additional data: 1. Dividends declared and paid were $26,750. 2. During the year equipment was sold for $7,650 cash. This equipment cost $18,250 originally and had accumulated depreciation of $10,600 at the time of sale. 3. All depreciation expense, $17,400, is in the operating expenses. 4. All sales and purchases are on account.