The information on the following page was obtained from the records of Breanna. Inc.: Account receivable…………………………………….. $ 40,000 Accumulated depreciation……………………………… 208,000 Cost of goods sold……………………………………… 512,000 Income tax expense……………………………………… 32,000 Cash……………………………………………………… 260,000 Sales………………………………………………………. 800,000 Equipment………………………………………………… 480,000 Selling, general and administrative expenses……………… 136,000 Common stock (36,000 shares)……………………………. 360,000 Accounts payable………………………………………….. 60,000 Retained earnings, 1/1/16………………………………….. 92,000 Interest expense……………………………………………. 24,000 Merchandise inventory……………………………………… 148,000 Long-term debt……………………………………………… 160.000 Dividends declared and paid during 2016………………….. 48.000 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31. 2016, and that all income statement items reflect activities that occurred during the year en
