1 GL1201 - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. ped 2018 ook STREAMLINE INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $100,200 Accounts receivable, net 73,000 Inventory 63,000 Prepaid expenses 4,900 Total current assets 241,100 Equipment 147,000 Accum. depreciation Equipment (36,000) Total assets $352, 100 Liabilities and Equity Accounts payable $ 26,000 Wages payable 7,000 Income taxes payable 4,700 Total current liabilities 37, 700 Notes payable (long term) 33,000 Total liabilities 70, 700 Equity Common stock, $5 par value 240,000 Retained earnings 41,400 Total liabilities and equity $352,100 $ 44,100 57,000 88,000 6,100 195,200 136,000 (12,000) $319,200 Tint $ 32,000 17,000 5,200 54,200 65,000 119,200 rences 170,000 30,000 $319,200 STREAMLINE INC. Income Statement Por Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $66,000 Other expenses 74,000 Total operating expenses $772,000 472.000 300.000 140,000 160,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2.900 162,900 49.860 $113,040 Prov 1 of 1 e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit. General Requirement General Trial Balance Direct Method Indirect Joumal Ledger Method Using the income statement, the comparative balance sheet, and the additional information given above, reco the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree w balances View transaction list Journal entry worksheet Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general joumal