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year 2 700 income statement net sales expenses cost of goods sold 400 depreciation 40 addministrative 104 selling 70 loss on investment sale 1 income before tax income tax net income 615 85 20 65 year 2 year1 Balance Sheet asset cash accounts receivable Inventory prepaid expense long term investment equipment accumulated depreciation total assets o Raw 30 55 100 5 50 160 40 325 296 2 20 liabilities accounts payable wage payable note payable total Hability stockholders equity common stock retained earnings total stockholders equy totality & stockho de ou 12 2 28 38 163 130 28 258 296 325 equipment was sold for its ook value of $16 long term investment also for 5 9 notes sense 5 16 note sue presere statement of cash for