1 its eBook Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Current Year Prior Year $73,250 $ 63,500 15,250. 21,350 23,450. 18,000 209,250 160,350 Less: Accumulated depreciation (57,450) Pont (45,750) $263,750 $217,450 eferences Accounts payable $16,500 $19,000 Kages payable 2,000 2,700 Note payable, long-tere 56,300 71,000 Common stock and additional paid-in capital 103.950 65,900 Retained earnings 85,000 58,850 $263,750 $217,450 Income statement for current year Sales $205,000 Cost of goods sold Depreciation expense Other expenses Net income 123,500 11,700 43,000 $ 26,800 Additional Data a. Bought equipment for cash, $48,900. b. Paid $14,700 on the long-term note payable. c. Issued new shares of stock for $38,050 cash. d. Dividends of $650 were declared and paid. e. Other expenses all relate to wages f. Accounts payable includes only inventory purchases made on credit.