Analysts following the Sandhill Golf Company were given the following balance sheet information for the years ended June 30, 2020, and June 30, 2019: Assets 2020 2019 Cash and marketable securities $33,511 $16,666 Accounts receivable 260,305 318,918 Inventory 423,969 352,840 Other current assets 41,401 30,012 Total current assets $759,186 $718,436 Plant and equipment 1,931,919 1,609,998 Less: Accumulated depreciation (419,194) (206,778) Net plant and equipment $1,512,725 $1.403,220 Goodwill and other assets 382,245 412,715 Total assets $2,654,156 $2.534,.371 Liabilities and Equity 2020 2019 Accounts payable and accruals $378,386 $332,104 Notes payable 14,637 7.962 Accrued income taxes 21,275 16,915 Total current liabilities $414,298 $356,981 Long-term debt 680,081 793,665 Total liabilities $1.094,379 $1.150.646 Preferred stock - - Common stock (10,000 shares) 10,000 10,000 Additional paid-in capital 975,565 975,565 Retained earnings 587,644 398,160 Less: Treasury stock (13,434) - Total common equity $1,559.777 $1,383,725 Total liabilities and equity $2,654,156 $2,534,371 In addition, it was reported that the company had a net income of $3,155,948 and that depreciation expenses were equal to $212,414 during 2020. Assume amortization expense was $0in 2020. Problem 3.32(a) = o = - o 5 w = 5 = & = o - = o