10 10.00 points Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected balance sheet amounts at December 31, 2014, were inventory, $55,900; total assets, $209,400; common stock, $88,000; and retained earnings, $37,017.) CABOT CORPORATION For Year Ended December 31, 2015 $456,600 Cost of goods sold 298,150 Gross profit 158,450 Operating expenses Interest expense 55,150 Income before taxes 22.217 32,933 CABOT CORPORATION Balance Sheet December 31, 2015 Liabilities and Equity s 8,000 Accounts payable 18,500 3,600 8,800 Accrued wages payable Accounts receivable, net 32,000 Income taxes payable 4,200 Notes receivable (trade) 7.500 Long-term note payable, secured 40,150 68,400 by mortgage on plant assets 2,900 Common stock 88,000 Plant assets, net 153,300 Retained earnings 69,950 252,650 Total liabilities and equity $252,650 Total assets These are short-term notes receivable arising from customer (trade) sales