The management team of Wickersham Brothers Inc. is preparing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized Current Year Prior Year Balance Sheet Assets Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation $108,300 $126,600 136,000 119,000 102,000 110,500 194,000 102,000 (56,160) (29000) Total assets $484,140 $429,100 Liabilities: Accounts payable Salaries and Wages Payable Notes payable, long-term Stockholders' Equity: Common stock Retained earnings $ 17,000 $ 20,400 3,400 1,700 85,000 102,000 156,000 222,740 136,000 169,000 Total liabilities and stockholders' equity $484,140 $429,100 Income Statement Sales Cost of goods sold Depreciation expense Other expenses $480,000 250,000 27,160 120,000 Net income $ 82,840