Assets Cash Debt investments (short-term) Accounts receivable Priscoll Company Balance Sheets December 31 2020 2019 $113,400 $ 105,300 89,100 64,800 168,480 145,800 372,600 267,300 40,500 37,260 210,600 210,600 421,200 299,700 $1,415,880 $1,130,760 Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable (short-term) Accounts payable $275,400 $194,400 105,300 84,240 Accrued liabilities 64,800 64,800 Bonds payable, due 2023 405,000 275,400 Common stock, $10 par 324,000 324,000 Retained earnings 241,380 187,920 Total liabilities and stockholders' equity $1,415,880 $1,130,760 Priscoll Company Income Statement For the Years Ended December 31 2020 2019 Sales revenue $1,428,840 $1,279,800 Cost of goods sold 1,036,800 931,500 Gross profit 392,040 348,300 Operating expenses 307,800 270,540 Net income $ 84,240 $ 77,760 Additional information: 1. Inventory at the beginning of 2019 was $186,300. 2. Accounts receivable (net) at the beginning of 2019 were $139,320. 3. Total assets at the beginning of 2019 were $1,069,200. 4. 5. No common stock transactions occurred during 2019 or 2020. All sales were on account.