Below are Moss Eisley Cantina's recent comparative balance sheet and income statement: Moss Eisley Cantina Corp. Balance Sheet Assets as of December 31 2020 2019 Cash and cash equivalents $ 31,000 $ 17,000 Accounts receivable, net allowance for 26,500 28,500 Prepaid insurance Accumulated depreciation doubtful accounts of $2,000 and $1,500 Inventory Fixed assets Land 15,000 10,000 1,400 2,400 81,000 80,000 (16,000) (20,000) 81,100 40,100 Total assets $ 220,000 $ 158,000 Liabilities and Stockholders' Equity Accounts payable $ 11,000 $ 10,000 Salaries payable 1,000 2,000 Interest payable 1,000 Taxes payable 2,000 Notes payable, long-term 46,000 20,000 Common stock, no par 136,000 100,000 Retained earnings 25,000 24,000 Total liabilities and stockholders' equity $ 220,000 $ 158,000 Moss Eisley Cantina Corp. Income Statement For Year Ended December 31, 2020 Sales revenue $ 80,000 Cost of goods sold (35,000) Depreciation expense Interest expense Salaries expense Income tax expense Other expenses (5,000) (2,000) (12,000) (3,000) (15,000) Loss on sale of fixed assets (2,000) Net income $ 6,000