Cash Accounts receivables Prepaid Rent Inventory Current Assets Property, Plant and Equipment PPE Accumulated depreciation Non Current Assets Total Assets ABC Corp Balance Sheet as of December 31st 2020 $ 10,000 $ $ 34,000 4,000 $ 60,000 Accounts Payable Wages Payable Income Tax Payable Notes Payables Total Liabilities Common Shares $108,000 $200,000 $(40,000) Retained Earnings $ 160,000 Shareholders equity $268,000 $ 19,000 $ 4,000 $ 1,000 $ 80,000 $ 104,000 $100,000 $ 64,000 $164,000 Total Liabilities and Equity $268,000 During 2021 ABC Corp operated normally and only had the following transactions: 1. Had healthy sales, but all were on account. Total amount of sales is $269,000 2. Collected accounts receivable for $267,600 3. Purchased on account goods for resale for $134,000 4. Cost of goods sold for the year was determined at $140,000 5. Paid to XYZ Corp $143,000 (XYZ is a supplier of goods for resale) 6. Property, Plant and Equipment depreciation expense is $10,000 7. Paid rent in advance for $18,000 to ensure the same location will be used during three years and allocated $5,000 of prepaid rent to rent expense. 8. Paid wages to employees for $52,500 and Accrued wages expense (and wages payable) for $1,500 at December 31st, 2021. 9. Recorded 2021 total income tax expense (and income tax payable) for $13,000 10. Paid income taxes to government for $11,500 (this represents the final portion of 2020 taxes and initial installments of 2021).