Current liabilities $1,470,200 $2,931,618 Long-term liabilities: Mortgage note payable, 8%, due in 15 years $2,020,000 Bonds payable, 8%, due in 20 years 2,480,000 2,480,000 Total long-term liabilities $4,500,000 $2,480,000 Total liabilities $5,970,200 $5,411,618 Stockholders' Equity Preferred $0.70 stock, $50 par $950,000 $950,000 Common stock, $10 par 1,080,000 1,080,000 Retained earnings 5,432,750 4,507,250 Total stockholders' equity $7,462,750 $6,537,250