A Corporation Comparative Balance Sheets as at December 31, 2020 and 2021 Assets: 2021 $ 2020 $ Current Assets: Cash 500,000 370,000 Account Receivable 350,000 290,000 Inventories 90,000 110,000 Total Current Assets 940,000 770,000 Property, Plant & Equipment: Land 200,000 200,000 Building 650,000 650,000 Equipment 950,000 900.000 Total PP&E at cost 1,800,000 1,750,000 Less Accumulated Depreciation (365,000) (325,000) Total PP&E Book Value 1,435,000 1,425,000 Total Assets 2.375.000 2.195.000 Liabilities: Current Liabilities: Account Payable Interest Payable Total Current Liabilities Long-Term Liabilities: 160,000 200,000 40,000 30,000 200,000 230,000 Long-Term Notes Payable 800,000 700,000 Total Liabilities 1,000,000 930,000 Stockholders' Equity: Common Stock ($0.50 par) 100,000 100,000 Paid in Capital in Excess of par 655,000 655,000 Retained Earnings 620,000 510.000 Total Stockholders' Equity 1,375,000 1,265,000 Total Liabilities & SHE 2.375.000 2.195.000 A Corporation Statement of Retained Earnings as at December 31, 2021 Retained Earnings at the Beginning Plus, Net Income Subtotal Less Dividends Retained Earnings at the End A Corporation Income Statement for the period ended December 31, 2021 510,000 160,000 670,000 50,000 620.000 $ $ Revenues 1,685,000 Cost of Goods Sold (980,000) Gross Margin 705,000 Operating Expenses: Salaries (245,000) Interest (65,000) Depreciation (40,000) Other Operating Expenses (155,000) Total Operating Expenses Income before Taxes Income Taxes Net Income (505,000) 200,000 (40,000) 160.000