Thornton Corporation operates three investment centers. The following financial statements apply to the investment center named Bowman Division. BOWMAN DIVISION Income Statement For the Year Ended December 31, 2018 $105,680 58,275 47,405 Sales revenue cost of goods sold Gross margin Operating expenses Selling expensers Depreciation expense Operating income (2,720) (4,175 40,520 Nonoperating item Loss of sale of land Net income $ 36,110 BOWMAN DIVISION Balance Sheet As of December 31, 2018 Assets Cash Account# receivable Merchandise inventory Equipment less accumulated depreciation Nonoperating assets s 12,482 40 356 6,100 0,368 9 200 188,506 Total assets Liabilitien Accounts payable Notes payable 5 9.557 71, 00o Stockholders eguity Common stock Retained earninge 79, 000 Total liabilities and stockholdera equity 5188,506