The management team of Wickersham Brothers Incorporated 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. Balance Sheet Assets Cash Accounts Receivable Inventory Property and Equipment Least Accumulated Depreciation Total assets Liabilities: Accounts Payable Salaries and Wages Payable Notes Payable, Long-Term Stockholders' Equity Common Stock Retained Earnings Total Liabilities and Stockholders' equity Income Statement Sales Cost of Goods Sold Depreciation Expense. Other Expenses Net Income Current Year Prior Year $ 53,700 84,000 63,000 116,000 (32,240) $284,460 $ 10,500 2,100 52,500 104,000 115,360 $284,460 $ 75,900 73,500 68,250 63,000 (16,000) $ 264,650 $ 12,600 1,050 63,000 84,000 104,000 $ 264,650 $220,000 120,000 16,240 55,000 $ 28,760 Other information from the company's records includes the following: Bought equipment for cash, $53,000. Paid $10,500 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $17,400 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. Income tax expense ($7,190) and interest expense ($3,150) were paid in full at the end of both years and are included in Other Expenses.