At the end of last month, Paarl Manufacturing had $45,949 in the bank. It owed the bank $222,000 for their mortgage. It also had a working capital loan of $30,500. Its customers owed $22,939 and it owed its suppliers $12,995. The company owned property worth $254,000. It had $120,500 in finished goods, $101,000 in raw materials, and $41,000 in work in progress. Its production equipment was worth $444,000 when new (partially paid for by a large government loan due to be paid back in three years) but had accumulated a total of $244,000 in depreciation-$34,500 worth last month. The company has investors who put up $101,000 for their ownership. It has been reasonably profitable; this month the gross income from sales was $221,000, and the costs associated with sales was only $41,500. Expenses were also relatively low; salaries were $47,000 last month, while the other expenses were depreciation, maintenance at $1440, advertising at $3200, and insurance at $290. In spite of $32,918 in accrued taxes (Paarl pays taxes at 55 percent), the company had retained earnings of $131,000. Construct a balance sheet (as of the end of this month) and income statement (for this month) for Paarl Manufacturing. Should the company release some of its retained earnings through dividends at this time? First, construct a balance sheet as of the end of this month. Start with the assets section of the balance sheet and then the liabilities and owners' equity sections. Balance Sheet Paarl Manufacturing As of the end of the month Current assets Total Current Assets Long-term assets Total Long-Term Assets Total assets Current Liabilities Assets Liabilities and Owners' Equity Total Current Liabilities Long-term Liabilities Total Long-Term Liabilities Total Liabilities Owners' Equity Total Owners' Equity Total Liabilities and Owners' Equity