Burly Inc. provided the following financial statements for the year ended December 31, 2020: Assets 2020 2019 Cash 35,000 $ 46,000 Accounts receivable Inventory 63,000 57,000 84,000 92,000 Prepaid insurance 12,000 18,000 Land 150,000 100,000 Plant and equipment 440,000 370,000 Accumulated depreciation, Plant and equip. 100,000 75,000 Total $ 684,000 $ 608,000 Liabilities and shareholder's equity Accounts payable Wages payable Income tax payable Notes payable (long term) Common shares Retained earnings 38,000 $ 31,000 7,000 9,000 8,000 5,000 285,000 235,000 100,000 75,000 246,000 253,000 2000