Problem 17-8A (Part Level Submission) er 17 Presented below are the financial statements of Nosker Company. NOSKER COMPAN Balance Sheets 31 $35,840 $19,290 Accounts receivable 19,870 32,020 Inventory 20,350 Accumulated depredation-equipment (29,370) (23,430) 113,980 $124,490 Accounts payable $28,220 16,480 Income taxes payable 7,490 8,270 Bonds payable 27,670 33,210 18,050 13,170 42,850 $124 490 $113,980 NOSKER COMPANY Income Statement For the Year Ended December 31, 2014 $241,630 Sales revenue Cost of goods sold 175 330 Operating expenses Income from operations 42,300 2,910 Interest expense Income before income taxes 8,480 Income tax expense 910 Net income Additional data Dividends declared and paid were $30,700 2. During the year equipment was sold for $7,890 cash. This equipment cost $18,500 originally and had a book value of $7,890 at the time of sale. 3. All depreciation expense, $16,550, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash