The following comparative balance sheet is given for Estern Co.: Assets Cash Notes Receivable Supplies & Inventory Prepaid expense Long-term investments Machines and tools Accumulated depreciation-equipment Total Assets Liabilities & Stockholders' Equity Accounts payable Bonds payable (long-term) Common Stock Retained Earnings 15 18,000 27,000 48,000 (15.000) $159.000 Dec 31,2021 Dec.31.2020 $117,000 $19,500 24,000 21,000 27,000 40,500 10,500 0 55,500 (21.000) $213.000 $ 25,500 $ 10,500 55,500 70,500 60,000 34,500 72.000 43.500 $213.000 $159.000 Total Liabilities & Stockholders' Equity Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $43,500. 2. Depreciation expense is $6,000. 3. There is a loss of $3,000 resulted from the sale of long-term investment. Additional information (2021); 16 The following comparative balance sheet is given for Estern Co.: Assets Cash Notes Receivable Supplies & Inventory Prepaid expense Long-term investments Machines and tools Accumulated depreciation-equipment Total Assets Liabilities & Stockholders' Equity Accounts payable Bonds payable (long-term) Common Stock Retained Earnings 15 18,000 27,000 48,000 (15.000) $159.000 Dec 31,2021 Dec.31.2020 $117,000 $19,500 24,000 21,000 27,000 40,500 10,500 0 55,500 (21.000) $213.000 $ 25,500 $ 10,500 55,500 70,500 60,000 34,500 72.000 43.500 $213.000 $159.000 Total Liabilities & Stockholders' Equity Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $43,500. 2. Depreciation expense is $6,000. 3. There is a loss of $3,000 resulted from the sale of long-term investment. Additional information (2021); 16 The following comparative balance sheet is given for Estern Co.: Assets Cash Notes Receivable Supplies & Inventory Prepaid expense Long-term investments Machines and tools Accumulated depreciation-equipment Total Assets Liabilities & Stockholders' Equity Accounts payable Bonds payable (long-term) Common Stock Retained Earnings 15 18,000 27,000 48,000 (15.000) $159.000 Dec 31,2021 Dec.31.2020 $117,000 $19,500 24,000 21,000 27,000 40,500 10,500 0 55,500 (21.000) $213.000 $ 25,500 $ 10,500 55,500 70,500 60,000 34,500 72.000 43.500 $213.000 $159.000 Total Liabilities & Stockholders' Equity Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $43,500. 2. Depreciation expense is $6,000. 3. There is a loss of $3,000 resulted from the sale of long-term investment. Additional information (2021); 16 The following comparative balance sheet is given for Estern Co.: Assets Cash Notes Receivable Supplies & Inventory Prepaid expense Long-term investments Machines and tools Accumulated depreciation-equipment Total Assets Liabilities & Stockholders' Equity Accounts payable Bonds payable (long-term) Common Stock Retained Earnings 15 18,000 27,000 48,000 (15.000) $159.000 Dec 31,2021 Dec.31.2020 $117,000 $19,500 24,000 21,000 27,000 40,500 10,500 0 55,500 (21.000) $213.000 $ 25,500 $ 10,500 55,500 70,500 60,000 34,500 72.000 43.500 $213.000 $159.000 Total Liabilities & Stockholders' Equity Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $43,500. 2. Depreciation expense is $6,000. 3. There is a loss of $3,000 resulted from the sale of long-term investment. Additional information (2021); 16