Use the following financial statements and additional Information. SACRAMENTO INCORPORATED Comparative Balance Sheets Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets June 30, 2019 and 2018 2819 Equipment Accumulated depreciation-Equipment Total assets 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 SACRAMENTO INCORPORATED Income Statement For Year Ended June 30, 2019 2018 $ 100,800 76,000 $ 45,200 59,000 65,000 90,000 5,400 6,800 247,200 201,000 170,000 (42,000) $ 375,200 157,000 (14,000) $ 344,000 $ 28,000 8,000 $ 34,900 19,000 4,500 5.000 40,500 58,000 35,000 70.000 75,500 128.900 250,000 49,700 180,000 36,000 $ 375,200 $ 344,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information 3 73,000 87.200 $ 886,900 542,000 344,900 $160,000 184,000 4, 300 188,300 57648 $ 130,560