Chapter 11 - Homework i Saved 3 The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets 4.16 points eBook Assets Current assets: Cash Accounts receivable Hint Print References Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets December 31, 2021 and 2020 2021 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 2020 $ 108,900 $ 126,800 82,000 97,000 105,000 89,000 6,000 3,000 530,000 530,000 830,000 720,000 (438,000) $1,223,900 (288,000) $1,277,800 $ 109,000 6,900 $ 94,000 13,800 10,000 6,000 115,000 230,000 750,000 750,000 233,000 184,000 $1,223,900 $1,277,800 Additional Information for 2021: 1. Net income is $79,000. 2. The company purchases $110,000 in equipment. 3. Depreciation expense is $150,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $30,000.