The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total $36,900 32,800 29,400 59,500 (29,000) $129,600 $20,000 19,000 20,500 77,300 (23,400) $113,400 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,000 7,300 27,000 17,200 50,100 $129,600 $ 16,400 8,100 33,000 13,400 42,500 $113,400 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations $242,700 176,100 66,600 23,600 43,000 2,800 40,200 8,200 $32,000 Interest expense Income before income taxes Income tax expense Net income Additional data: 1. Dividends declared and paid were $24,400. 2. During the year, equipment was sold for $9,500 cash. This equipment cost $17,800 originally and had a book value of $9,500 at the time of sale. 3. All depreciation expense, $13,900, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities cash payments: . .