GL1201 (Algo) - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. AUSTIN INCORPORATED Comparative Balance Sheets Assets Cash Accounts receivable, net June 30, 2021 and 2020 2021 2020 $ 94,300 $ 39,400 81,000 63,000 68,000 94,000 5,600 7,000 248,900 203,400 176,000 163,000 Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity (45,000) $ 379,900 $ 31,000 6,000 (15,000) $ 351,400 $ 38,000 16,000 5,400 4,900 41,900 59,400 40,000 80,000 81,900 139,400 240,000 170,000 58,000 $ 379,900 42,000 $ 351,400