An incomplete income statement and an incomplete comparative balance sheet of Deines Corporation are presented below. Additional information: 1. The accounts receivable turnover for 2017 is 10 times. 2. All sales are on account. 3. The profit margin for 2017 is 14.5%. 4. Return on assets is 22% for 2017. 5. The current ratio on December 31, 2017, is 3.0. 6. The inventory turnover for 2017 is 4.8 times. DEINES CORPORATION Income Statement For the Year Ended December 31, 2017 Net sales $13,860,000 Cost of goods sold Gross profit Operating expenses 2,097,900 Income from operations Other expenses and losses Interest expense Income before income taxes Entry field with correct answer Income tax expense 705,600 Net income DEINES CORPORATION Balance Sheets December 31 Assets 2017 2016 Current assets Cash $ 567,000 $ 472,500 Accounts receivable (net) 1,197,000 Inventory 2,167,200 Total current assets 3,836,700 Plant assets (net) 5,821,200 4,983,300 Total assets $8,820,000 Liabilities and Stockholders Equity Current liabilities $1,039,500 Long-term notes payable 3,528,000 Total liabilities 4,567,500 Common stock, $1 par 3,780,000 3,780,000 Retained earnings 504,000 472,500 Total stockholders equity 4,284,000 4,252,500 Total liabilities and stockholders equity $8,820,000