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 $ 78,900 $ 99,300 94,500 87,750 81,000 (43,280) (22,000) 108,000 81,000 152,000 Total assets $376,620 $340,550 Liabilities Accounts payable Salaries and Wages Payable Notes payable, long-term $ 13,500 16,200 1,350 81,000 2,700 67,500 Stockholders' Equity: Common stock Retained eamings 128,000 108,000 134,000 164,920 Total liabilities and stockholders' equity $376,620 $340,550 Income Statement Sales Cost of goods sold Depreciation expense Other expenses $340,000 180,000 21,280 85,000 Net income $53,720 Other information from the company's records includes the following a. Bought equipment for cash, $71,000 b. Paid $13,500 on long-term note payable C. Issued new shares of common stock for $20,000 cash d. Cash dividends of $22,800 were declared and paid to stockholders e.Accounts Payable arose from inventory purchases on credit. f. Income tax expense ($13,430) and interest expense ($4,050) were paid in full at the end of both years and are included in Other Expenses