Thornton Corporation operates three investment centers. The following financial statements apply to the investment center named Bowman Division. BOWMAN DIVISION Income Statement or the Year Ended December 31, 2018 Sales revenue $105,680 58,275 Cost of goods sold Gross margin Operating expenses 47,405 (2,720) 40,510 Selling expenses Depreciation expense Operating income Nonoperating item Loss of sale of land Net income 36,110 BOWMAN DIVISION Balance Sheet As of December 31, 2018 Assets Cash Accounts receivable Herchandise inventory Equipment less accumulated depreciation Nonoperating assets s 12,482 40, 356 36,100 90,368 9,200 $188,506 Total assets $ 9, 557 71.000 Liabilities Accounts payable Notes payable Stockholders' equity Common stock Retained earnings 79,000 28,949 188,506 Total liabilities and stockholder's equity