Check my work 3 Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $56,900; total assets, $209,400; common stock. $90,000; and retained earnings. $24.876.) Ok CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold $ 453,600 298,350 155,250 Gross profit Operating expenses Income before taxes Interest expense Income tax expense Net income 99,300 4,500 51,450 20,726 $ 30,724 Assets Cash Short-term investments Accounts receivable, net Merchandise inventory CABOT CORPORATION Balance Sheet) December 31 Liabilities and Equity $ 10,000 Accounts payable 17,500 9,400 Accrued wages payable 4,200 30,000 Income taxes payable. 3,200 34,150 Long-term note payable, secured by 64,400