ABC Company Account Balances 12/31/2020 12/31/2019 Cash 50,000 10,000 Accounts receivable 45,000 34,000 Prepaid assets 45,000 Inventory 60,000 50,000 Property, Plant & Equipment 300,000 200,000 Accumulated Depreciation (50,000) (40,000) Accounts payable 20,000 22,000 Long-Term Debt 150,000 Common Stock Retained Earnings Net Sales 186,000 186,000 94,000 46,000 400,000 300,000 Cost of Goods Sold All Other Expenses 155,000 120,000 197,000 160,000 *All account balances are normal balances Additional information for 2020: - On 12/31/20, the Company acquired Property, Plant & Equipment in exchange for a $100,000 Long-Term Note Payable. - On 12/31/20, the Company took out an additional long-term note in the amount of $50,000. - The Company is a partnership and therefore pays no tax.