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GL1201 (Algo) - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information 2018 MARSHALL INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 70,500 Accounts receivable, net 70,000 Inventory 71,000 Prepaid expenses 5,800 Total current assets 217,300 Equipment 183,000 Accumulated depreciation-Equipment (45,000) Total assets $ 355,300 Liabilities and Equity Accounts payable $ 34,000 Wages payable 7,000 Income taxes payable 3,800 Total current liabilities 44,800 Notes payable (long term) 45,000 Total liabilities 89,800 Equity Common stock, $5 par value 220,000 Retained earnings 45,500 Total liabilities and equity $ 355,300 $ 33,000 55,000 98,000 7,200 193,200 169,000 (15,000) $ 347,200 $ 42,000 18,000 4,200 64,200 90,000 154,200 160,000 33.000 $ 347,200 MARSHALL INCORPORATED Income Statement $ 959,000 587.000 372,000 MARSHALL INCORPORATED Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 79,000 Other expenses 95,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 174,000 198,000 5,500 203,500 62,290 $ 141,210 Additional Information a. A $45,000 note payable is retired at its $45,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $77,000 cash. d. Received cash for the sale of equipment that had cost $63,000, yielding a $5,500 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Using the income statement, the comparative balance sheet, and the additional information given above, rec Check my Additional Information a. A $45,000 note payable is retired at its $45,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $77,000 cash. d. Received cash for the sale of equipment that had cost $63,000. yielding a $5,500 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit. Requirement General General Journal Indirect Ledger Trial Balance Direct Method Method Using the income statement, the comparative balance sheet, and the additional Information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30, 2019 balances View transaction list Journal entry worksheet