Swing It, Inc, was started several years ago by two tennis instructors. The company's comparative balance sheets and income statement follow, along with additional information Balance Sheet at December 31 $ 6,180 $ 4,160 890 1,730 5,390 4,900 Accumulated Depreciation-Equipment (1,480) (1,240) Accounts Receivable Equipment $10,980 $9,550 Accounts Payable Salaries and Wages Payable Note Payable (long-term Common Stock Retained Earnings $ 710 $ 1.200 750 1,600 4900 4900 3,260 2.200 10,980 $ 9,550 Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense 39,700 37.200 240 1.200 Net Income s 1,060 Additional Dat a Bought new eq b Borrowed $1,100 cash from the bank during the year c Accounts Payable includes only pur tennis equipment for cash, $490 chases of services made on credit for operating purposes Because here are no Sability accounts relating to incomo tax assume that this expense was fully paid in cash DOLL F1 F4 FS F10 F11 2 3