Chapman Company, a major retailer of bicycles and accessories, operates several stores and is a publicy traded company. The comparative balance sheet and income CHAPMAN COMPANY COMPARATIVE BALANCE SHEET AS OF MAY 31 2017 2016 Current assets Cash Accounts receivable Inventory Prepaid expenses $28,250 $20,000 75,000 58,000 220,000 250,000 9,000 7,000 332,250 335,000 Total current assets Plant assets 600,000 502,000 Less: Accumulated depreciation-plant assets 150,000 125,000 450,000 377,000 $782,250 $712,000 Plant assets Net plant assets Total assets Current liabilities Accounts payable Salaries and wages payable Interest payable $123,000 $115,000 47,25072,000 27,000 25,000 197,250 212,000 Total current liabilities