Williams Corp's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. WILLIAMS CORPORATION Comparative Balance Sheets December 31 Current Prior Year Year Assets Cash $ 619,000 $ 393,200 Accounts receivable 174,000 149,000 Inventory 661,000 578,000 Total current assets 1,454,000 1,120,200 Equipment 434,000 377,000 Accum. depreciation Equipment (205,000) (131,000) Total assets $1,683,000 $1,366,200 Liabilities and Equity Accounts payable $ 150,000 $ 123,000 Income taxes payable 34,000 30, 200 Total current liabilities 184,000 153,200 Equity Common stock, $2 par value 904,000 828,000 Paid-in capital in excess of par value, 346,000 232,000 common stock Retained earnings 249,000 153,000 Total 1labilities and equity $1,683,000 $1,366,200 WILLIAMS CORPORATION Income Statement For Year Ended December 31 Sales $2,997,000 Cost of goods sold 1,818,000 Gross profit 1,179,000 Operating expenses Depreciation $ 74,000 expense Other expenses 826,000 900,000 Income before 279,000 taxes Income taxes 85,400 expense Net income $ 193,600 Additional Information on Current Year Transactions a. Purchased equipment for $57,000 cash. b. Issued 38,000 shares of common stock for $5 cash per share. c. Declared and paid $97,600 in cash dividends. General Require... General Trial Direct Indirect Journal Ledger Balance Method Method General Journal tab - Reconstruct the entries to summarize the activity between December 31, prior year and December 31, current year. Direct Method tab - Prepare the Statement of Cash flows for the year ended December 31, current year using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method. Requirement General Journal >