XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment $35,230 $ 30,300 28,700 38,700 107,000 (31,400) (25,700) 36,400 42,400 131,500 $214,130 $179,000 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings $37,400 1,030 44,300 92,800 38,600 27,700 1,300 51,000 73,300 25,700 $214,130 $179,000 Income Statement Sales Revenue Cost of Goods Sold Other Expenses $127,000 73,500 40,600 Net Income $12,900 Additional Data a. Bought equipment for cash, $24,500 b. Paid $6,700 on the long-term note payable c. Issued new shares of stock for $19,500 cash d. No dividends were declared or paid e. Other expenses included depreciation, $5,700; Salaries and wages, $20,700; taxes, $6,700; utilities, $7,500 f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in caslh