DO 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, $55,900; total assets, $219,400; common stock, $85,000; and retained earnings, $31,956.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement Cost of goods sold Gross profit Operating expenses Interest expense For Current Year Ended December 31 Sales Income before taxes Income tax expense Net income Damin_L $ 16,000 9,200 33,600 Accounts payable Accrued wages payable Income taxes payable Long-term note payable, secured by mortgage on plant assets Common stock Retained earnings $ 240, 350 Total liabilities and equity 30,150 3,100 148,300 $448,600 297, 050 151, 550 99,400 4,100 CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity 48, 050 19, 356 $28,694 $18,500 3,000 2,800 70, 400 85,000 60, 650 $ 240,350