II. On the attached worksheet prepare a BALANCE SHEET & INCOME STATEMENT. CASH $ 15,000 ACCOUNTS RECEIVABLE 50,000 MERCHANDISE INVENTORY 40,000 PREPAID EXPENSES 10,000 BUILDING 100,000 ACCUMULATED DEPRECIATION BLDG (25,000) LAND 50,000 PATENT 20,000 ACCOUNTS RECEIVABLE OFFICER 10,000 ACCOUNTS PAYABLE 45,000 BONDS PAYAB;E 100,000 COMMON STCK 50,000 75,000 10,000,000 RETAINED EARNINGS SALES COST OF SALES 5,000,000 SELLING EXPENSES 1,500,000 ADMINISTRATIVE EXPENSES 500,000 INTEREST EXPENSE 50,000 PROVISION FOR INCOME TAX 620,000