P 6-11 A partial balance sheet and income statement for King Corporation follow: KING CORPORATION Partial Balance Sheet December 31, 2011 Assets Current assers Cash Marketable securities Trade receivables, less allowance of $6,000 Inventories, LIFO Prepaid expenses $ 33,493 215,147 255,000 523,000 26.180 51.032,820 Total current assets Liabilities Current liabilities: Trade accounts payable Notes payable (primarily to banks) and commercial paper Accrued expenses and other liabilities income taxes payable Current maturities of long-term debt s 103,689 210,381 120,602 3.120 22,050 459,842 Total current liabilities KING CORPORATION Partial Income Statement For Year Ended December 31, 2011 Net sales Miscellaneous income $3,050,600 45.060 53,095,660 Costs and expenses: Cost of sales $2,185,100 350,265 45,600 300,000 2.880,965 5 214.695 Selling, general, and administrative expenses Iaterest expense Income taxes Net income Note: The trade receivabies st December 31, 2010, were $280,000, net of an allowance of $8,000, for a gross recelvables figure of $288,000. The inventory at December 31, 2010, was $565,000 (continee