20XX means last year. 20XY means current year. For December 31, 20XX (last year), the balance sheet is as follows. Sales for 20XY were $314,000, with cost of goods sold being 70 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 19 percent, while interest on the notes payable was 17 percent. These are based on December 31,20XX, balances. Selling and administrative expenses were $31,100, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 12 percent, and accounts payable increased by 27 percent. A new machine was purchased on December 31 , 20XY, at a cost of $28,000. A cash dividend of $11,500 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $6,904 and bonds payable decreased by 10,520 . The common stock account did not change. b. Prepare a balance sheet as of December 31,20XY. (Input all answers as positive values.) Balance Sheet For the Year Ended December 31, 20XY Assets: Cash Accounts receivable Inventory Prepaid expenses Plant and Equipment less: acc. amortization Net plant \& equipment Total assets Net plant \& equipment Total assets Liabilities Accounts payable Notes payable Bonds payable Shareholders' equity: Retained earnings Common stock Total liabilities & equity