What would be the right answers for the ones that are marked red ?

GL1201 - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. 2018 FIELDS INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 91,000 Accounts receivable, net 76,000 Inventory 65,000 Prepaid expenses 5,900 Total current assets 237,900 Equipment 189,000 Accum. depreciation-Equipment (48,000) Total assets $378,900 Liabilities and Equity Accounts payable $ 28,000 Wages payable 8,000 Income taxes payable 4,100 Total current liabilities 40,100 Notes payable (long term) 35,000 Total liabilities 75,100 Equity Common stock, $5 par value 250,000 Retained earnings 53,800 Total liabilities and equity $378,900 $ 32,200 59,000 90,000 7,400 188,600 175,000 (16,000) $347,600 $ 34,000 20,000 4,600 58,600 70,000 128,600 180,000 39,000 $347,600 FIELDS INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $83,000 Other expenses 99,000 Total operating expenses $998,000 611,000 387,000 182,000 205,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 6,100 211,100 64,620 $146,480 Additional Information a. A $35,000 note payable is retired at its $35,000 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 $81,000 cash. d. Received cash for the sale of equipment that had cost $67,000, yielding a $6,100 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. No Date Account Title Credit Jun 30 Cash Accounts receivable, net Sales Debit 981,000 17,000 998,000 Jun 30 611,000 6,000 Cost of goods sold Accounts payable Inventory Cash 25,000 592,000 Jun 30 Depreciation expense 83,000 Accumulated depreciation - Equipment 83,000 Jun 30 99,000 12,000 Other expenses Wages payable Prepaid expenses Cash 1,500 109,500 Jun 30 57,100 X 48,000 Cash Accumulated depreciation - Equipment Equipment Gain on sale of equipment 67,000 6,100 Jun 30 64,620 Income taxes expense Income taxes payable Cash 4,100 X 60,520 Jun 30 35,000 Notes payable (long-term) Cash 35,000 Jun 30 81,000 Equipment Cash 81,000 Jun 30 70,000 Cash Common stock, $5 par value 70,000 10 Jun 30 Sales Gain on sale of equipment Income summary 998,000 6,100 1,004,100 11 Jun 30 857,620 Income summary Cost of goods sold Depreciation expense Other expenses Income taxes expense 611,000 83,000 99,000 64,620 12 Jun 30 146,480 Income summary Retained earnings 146,480 73 Jun 30 Retained earnings 171,280 X Cash 171,280 X