Use the following financial statements and additional information MARCELLUS INCORPORATED Comparative Balance Sheets Jane 30, 2019 and 2018. 2019 Assets Cash $62,300 Accounts receivable, net 78,000 Inventory 66,000 Prepaid expenses 6.000 Total current assets 212,300 Equipment 192,000 Accumulated depreciation Equipment (48,000) Total assets $ 356,300 Liabilities and Equity Accounts payable Wages payable $ 30,000 6.000 Income taxes payable 4,300 Total current liabilities 40,300 Notes payable (long term) 35,000 Total liabilities 78.300 Equity Common stock, 35 par value 220,000 Retained earnings $3,000 Total liabilities and equity 3.356.300 MARCELLUS INCORPORATED Income Statement For Year Ended June 30, 2019 Sales Cest of geeds sold 623,000 Gres profe 395.000 Operating expenses Depreciation expense $ 55,000 Other expenses 101.000 Tetal operating expens $185.000 Other gains (less) Gain on sale of equipment 6500 Income before tases 215.300 Income taxes expense 65,960 $149,540 Net incom Additional Information A 537,000 note payable is retired at its $37,000 carrying (book) vahe in esslings for cail The ly changes affecting tedavings as net nese and wash dividend paid. New equipment is sopured for 5XL000 ch SS cash d Recent cash for the sale of equipment that had cost 509,000, yielding 56,500 g Pred Expenses and Wages Payable relate to Oder Expenses on the increm All purchases and sales of inventory are on credi E Reconstruct the journal entry for cash receipts from cosmens, incorporating the change in the related balce sheet accounts), if y 2 Reconstruct the journal entry for cash paytands for invenery, incorporating the change is the related balance sheet accesas), asy N Reconstruct the journal entry for depreciation expesss, incorporating the change in the related halance shest accenti), if any 1 Recome the journal entry for cash past for perstry expenses, incorporating the change in the reisted balance sheet sccount if any E 5 Reconstruct the journal entry for the sale of coperta coponting the change in the related balance sheet socoattis), if any 1 tanes cxpuse, composting the change in the related mit(), if any Reconstruct the anal entry for balance sheet Rects the entry to second the timest if the $37.000 none peryable at $37.000 carrying (bok) vahe on cashange for cash n8 Reconstruct the entry for the purchase of new equipment. a. 9 Reconstruct the entry for the issuance of common stock p. 10 Close all revenue and gain accounts to income summary. 4 11 Close all expense accounts to income summary r. 12 Close Income Summary to Retained Earnings L 13 Reconstruct the journal entry for cash dividends paid. More Sw S othe scene det, the comparative bases, and the desta que dont the f open the dev att age the 2014 facy of Journal entry worksheet. 11 UDIN the s the best a A I pe AH aces $1.018,000 A the way MARCELLUS INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 unadjusted Y Cash flows from operating activities Cash flows from investing activities Cash flows from financing activites MARCELLUS INCORPORATED Statement of Cash Flows indirect M Far Year Ended June 30, 2019 Ct perate acte Aduer recole et income to cash vided by an Income stafect ca 2015 $11.300 61,000 92,000 7,500 171,800 178,000 (16,000) 5333.800 $ 16,000 16,000 4,800 56,800 75,000 131,800 150,000 42,000 $333,800 Use the following financial statements and additional information MARCELLUS INCORPORATED Comparative Balance Sheets Jane 30, 2019 and 2018. 2019 Assets Cash $62,300 Accounts receivable, net 78,000 Inventory 66,000 Prepaid expenses 6.000 Total current assets 212,300 Equipment 192,000 Accumulated depreciation Equipment (48,000) Total assets $ 356,300 Liabilities and Equity Accounts payable Wages payable $ 30,000 6.000 Income taxes payable 4,300 Total current liabilities 40,300 Notes payable (long term) 35,000 Total liabilities 78.300 Equity Common stock, 35 par value 220,000 Retained earnings $3,000 Total liabilities and equity 3.356.300 MARCELLUS INCORPORATED Income Statement For Year Ended June 30, 2019 Sales Cest of geeds sold 623,000 Gres profe 395.000 Operating expenses Depreciation expense $ 55,000 Other expenses 101.000 Tetal operating expens $185.000 Other gains (less) Gain on sale of equipment 6500 Income before tases 215.300 Income taxes expense 65,960 $149,540 Net incom Additional Information A 537,000 note payable is retired at its $37,000 carrying (book) vahe in esslings for cail The ly changes affecting tedavings as net nese and wash dividend paid. New equipment is sopured for 5XL000 ch SS cash d Recent cash for the sale of equipment that had cost 509,000, yielding 56,500 g Pred Expenses and Wages Payable relate to Oder Expenses on the increm All purchases and sales of inventory are on credi E Reconstruct the journal entry for cash receipts from cosmens, incorporating the change in the related balce sheet accounts), if y 2 Reconstruct the journal entry for cash paytands for invenery, incorporating the change is the related balance sheet accesas), asy N Reconstruct the journal entry for depreciation expesss, incorporating the change in the related halance shest accenti), if any 1 Recome the journal entry for cash past for perstry expenses, incorporating the change in the reisted balance sheet sccount if any E 5 Reconstruct the journal entry for the sale of coperta coponting the change in the related balance sheet socoattis), if any 1 tanes cxpuse, composting the change in the related mit(), if any Reconstruct the anal entry for balance sheet Rects the entry to second the timest if the $37.000 none peryable at $37.000 carrying (bok) vahe on cashange for cash n8 Reconstruct the entry for the purchase of new equipment. a. 9 Reconstruct the entry for the issuance of common stock p. 10 Close all revenue and gain accounts to income summary. 4 11 Close all expense accounts to income summary r. 12 Close Income Summary to Retained Earnings L 13 Reconstruct the journal entry for cash dividends paid. More Sw S othe scene det, the comparative bases, and the desta que dont the f open the dev att age the 2014 facy of Journal entry worksheet. 11 UDIN the s the best a A I pe AH aces $1.018,000 A the way MARCELLUS INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 unadjusted Y Cash flows from operating activities Cash flows from investing activities Cash flows from financing activites MARCELLUS INCORPORATED Statement of Cash Flows indirect M Far Year Ended June 30, 2019 Ct perate acte Aduer recole et income to cash vided by an Income stafect ca 2015 $11.300 61,000 92,000 7,500 171,800 178,000 (16,000) 5333.800 $ 16,000 16,000 4,800 56,800 75,000 131,800 150,000 42,000 $333,800