Cullumber Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Cullumber and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2021, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $34,890 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $6,030 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Cullumber's cash flow problems are due primarily to the company's desire to finance a $300,330 plant expansion over the next 2 fiscal years through internally generated funds. The commercial loan officer of Topeka National Bank requested the following financial reports for the last 2 fiscal years. Cullumber Corporation Balance Sheet March 31 Assets Cash Notes receivable Accounts receivable (net) 2021 2020 $18,150 $12,620 148,430 131,870 132,710 124,830 Inventories (at cost) 106,010 49,740 Plant & equipment (net of depreciation) 1,462,750 1,424,480 Total assets $1,868,050 $1,743,540