Use the following financial statements and additional information. AUSTIN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 81,000 68,000 5,600 248,900 176,000 94,300 $39,400 63,000 94,000 7,000 203,400 163,000 (45,000)15,0e0) $379,900 351,400 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity s31,00038,000 16,000 5,400 59,400 80,000 139,400 6,000 4,900 41,900 40,000 81,900 240,000170,000 42,000 58,000 $379,933 $351,400 Use the following financial statements and additional information. AUSTIN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 81,000 68,000 5,600 248,900 176,000 94,300 $39,400 63,000 94,000 7,000 203,400 163,000 (45,000)15,0e0) $379,900 351,400 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity s31,00038,000 16,000 5,400 59,400 80,000 139,400 6,000 4,900 41,900 40,000 81,900 240,000170,000 42,000 58,000 $379,933 $351,400