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The balance sheets for a company, along with additional information, are provided below. 00:42:53 Balance...

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Accounting

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The balance sheets for a company, along with additional information, are provided below. 00:42:53 Balance Sheets December 31, Year 2 and Year 1 Year 2 Year 1 Assets Current assets: Cash $ 155,100 $ 171, 800 Accounts receivable 74,800 88,000 Inventory 87,000 72,800 Prepaid rent 2,400 1,200 Long-term assets: Land 440, eee 440,000 Equipment 732,000 630,000 Accumulated depreciation (406,000 (252,000) Total assets $1,085,300 $1,151,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 91,000 $ 77,800 Interest payable 6,900 13,800 Income tax payable 6,400 4,200 Long-term liabilities: Notes payable 115,000 230,000 Stockholders' equity: Common stock 660,000 660,000 Retained earnings 206,000 166, eee Total liabilities and stockholders' equity $1,885, 380||$1,151,888 Additional Information for Year 2: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000. Required:

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