This problem contains partial balance sheet information for Madison Corporation. Compute the amount of net income, then determine the amounts that are to be reported for each item within each category of the balance sheet. Do not use headings or subtotals. Do not submit supporting computations. For example, for operating activities, you would list depreciation and the amount, the increase (decrease) in receivables and the amount, etc. Similarly, you would have categories for investing activities and financing activities. Please remember to put negative amounts in brackets. 2020 2019 Debits Accounts Receivable $96,000 $87,000 Inventory 53,000 48,000 Available for sale inwestments 22,000 35,000 Equipment 93,000 56,000 Patents 72,000 75,000 Credits Allowance for doubtful accounts 6,400 8,500 Accumulated depr - equipment 28,000 26,000 Dividends payable 11,000 14,000 Long-term note payable 32,000 50,000 Common stock 130,000 100.000 Paid-in capital in excess of par 20.000 14,000 Retained earnings 98,000 54,000 Additional information related to 2020 are as follows: 1. Equipment that had cost $26,000 and was 70% depreciated at time of disposal was sold for $7,600. 2. A long-term note for $15,000 was issued for the acquisition of equipment 3. Cash was paid for th acquisition of equipment. 4. Cash dividends of $8,000 were paid during the year. 5. A patent was purchased for $6,400. 6. Available for sale investments were sold at $5,200 above their cost. 7. Interest of $7,000 and income taxes of $32,000 were paid in cash. This problem contains partial balance sheet information for Madison Corporation. Compute the amount of net income, then determine the amounts that are to be reported for each item within each category of the balance sheet. Do not use headings or subtotals. Do not submit supporting computations. For example, for operating activities, you would list depreciation and the amount, the increase (decrease) in receivables and the amount, etc. Similarly, you would have categories for investing activities and financing activities. Please remember to put negative amounts in brackets. 2020 2019 Debits Accounts Receivable $96,000 $87,000 Inventory 53,000 48,000 Available for sale inwestments 22,000 35,000 Equipment 93,000 56,000 Patents 72,000 75,000 Credits Allowance for doubtful accounts 6,400 8,500 Accumulated depr - equipment 28,000 26,000 Dividends payable 11,000 14,000 Long-term note payable 32,000 50,000 Common stock 130,000 100.000 Paid-in capital in excess of par 20.000 14,000 Retained earnings 98,000 54,000 Additional information related to 2020 are as follows: 1. Equipment that had cost $26,000 and was 70% depreciated at time of disposal was sold for $7,600. 2. A long-term note for $15,000 was issued for the acquisition of equipment 3. Cash was paid for th acquisition of equipment. 4. Cash dividends of $8,000 were paid during the year. 5. A patent was purchased for $6,400. 6. Available for sale investments were sold at $5,200 above their cost. 7. Interest of $7,000 and income taxes of $32,000 were paid in cash