Use the following financial statements and additional information. 2018 $ 33,000 55,000 98,000 7.200 193,200 169,000 (15,000) $347,200 MARSHALL INC. Comparative Balance Sheets June 30, 2018 and 2018 Assets 2019 Cash $ 70, 500 Accounts receivable, net 70,000 Inventory 71,000 Prepaid expenses 5,800 Total current assets 217.300 Equipment 183,000 Aceum. depreciation Equipment (45,000) Total assets $355, 300 Liabilities and Equity Accounts payable $ 34,000 Wages payable 7,000 Income taxes payable 3,800 44.800 Total current liabilities 45,000 Notes payable (long term) Total liabilities 89,800 Equity Cormon stock, S5 par value 220,000 45,500 Retained earnings S355,300 Total liabilities and equity $ 12,000 18,000 4,200 64,200 90,000 154,200 160,000 33,000 $347.200 111 1 of 1 Next Prey Xmap/indexhtml?_con=con&external_brow . Ex 12-11 G Help MARSHALL INC. Income Statement For Year Ended June 30, 2019 Sales Cost Of goods sold Gross profit Operating expenses Depreciation expense $79,000 Other expenses 95,000 Total operating expenses $959,000 587,000 372,000 174,000 198,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 5,500 203, SOD 62,290 $141, 210 Additional Information a. A $45.000 note payable is retired at its $45,000 carrying (book) value in exchange for cash b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $77.000 cash. d. Received cash for the sale of equipment that had cost $63,000. yielding a $5,500 gain e. Prepaid Expenses and Wages Payable relate to other Expenses on the income ftatement f. All purchases and sales of Inventory are on credit. Indirect General General Next 1 of 1 Prev quirement General Journal General Ledger Trial Balance Direct Method Indirect Method ng the income statement, the comparative balance sheet, and the additional information given e summarized activity of the current fiscal year. Upon completion, the trial balance tab shou ances few transaction list Journal entry worksheet 8 5 8 5