Hubert Media Corporation had the following income statement and balance sheet for 2014:

a. Acquisition of equipment. Hubert sold no equipment during the year.
b. Payment of a long-term note payable. During the year, Hubert issued a $7,500 note payable.

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HUBERT MEDIA CORPORATION Income Statement For the Year Ended December 31, 2014 Service reven Amortization expense Other expenses Net income $120,000 9,000 81,000 $30,000 ue HUBERT MEDIA CORPORATION Balance Sheet December 31, 2014 and 2013 Assets Current: 2014 2013 Liabilities 2013 Current: Cash $ 7,500 6,000 Accounts payable 12,000 $ 9,000 Accounts receivable 15,000 9,000 Long-term notes Equipment, net 112,500 105,000 payable 15,000 18,000 Shareholders' equity Common shares 33,000 30,000 Retained earnings 75,000 63,000 $135,000 $120,000 $135,000 $120,000