85% of the sales for Waterways were credit sales. There are 5,000 shares outstanding for both years. This is a private corporation whose shares are not available to the public. WATERWAYS CORPORATION-INSTALLATION DIVISION Assets Balance Sheets December 31 2020 2019 Current assets Cash Accounts receivable Work in process Inventory Prepaid expenses $829,100 677,900 $749,800 538,300 703,600 16,800 7,500 76,900 42,600 Total current assets 2,304,300 1,338,200 Property, plant, and equipment Land 299,000 299,000 Buildings 455,000 455,000 Equipment 923,800 794,400 Furnishings 40,500 40,500 Accumulated depreciation (484,600) (485,400) Total property, plant, and equipment 1,233,700 1,103,500 Total assets $3,538,000 $2,441,700 Liabilities and Stockholders' Equity Current liabilities Accounts payable $158,300 $129,400 Income taxes payable 100,600 80,200 Wages payable 4,400 2,000 Interest payable 1,200 Other current liabilities 14,500 15,300 Revolving bank loan payable 15,000 Total current liabilities 294,000 226,900 Long-term liabilities Note payable 137,000 Total liabilities 431,000 226,900 Stockholders' equity Common stock Retained earnings 1,250,000 1,250,000 1,857,000 964,800 Total stockholders' equity 3,107,000 2,214,800 Total liabilities and stockholders' equity $3,538,000 $2,441,700