The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $35,350 $19,150 Accounts receivable 32,100 19,750 Inventory 26,150 20,500 Equipment 59,150 77,600 Accumulated depreciation-equipment (29,450 ) (23,750) Total $123,300 $113,250 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total NOSKER COMPANY $28,450 $ 16,100 7,350 8,350 26,100 33,550 18,050 14,450 43,350 40,800 $123,300 $113,250 Income Statement For the Year Ended December 31, 2020 Sales revenue $242,950 Cost of goods sold 175,450 Gross profit 67,500 Operating expenses 23,950 Income from operations 43,550 Interest expense 2,300 Income before income taxes 41,250 Income tax expense 7,250 Net income $34,000 Additional data: 1. Dividends declared and paid were $31,450. 2. During the year, equipment was sold for $7,900 cash. This equipment cost $18,450 originally and had a book value of $7,900 at the time of sale. 3. All depreciation expense, $16,250, is in the operating expenses. 4. All sales and purchases are on account.