Check my work 10 Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected balance sheet amounts at December 31, 2016, were inventory, $54,900; total assets, $229,400; common stock, $81,000; and retained earnings, $40,219.) 2 points CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Incone taxes $ 456,600 297,150 159,450 99,000 4,300 56,150 22,619 $ 33,531 eBook Print Net income CABOT CORPORATION Balance Sheet December 31, 2017 Liabilities and Equity Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade)* Merchandise inventory 16,500 4,000 3,500 $16,000 Accounts payable 8,600 Accrued wages payable 31,600 Income taxes payable 7,000 32,150 Long-term note payable, secured by 71,400 mortgage on plant assets Prepaid expenses Plant assets, net Total assets 2,500 Common stock 152,300 Retained earnings 81,000 73,750 250,150 Total liabilities and equity $ 250,150 Mc