Early in January 2021, Novak Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Debit Credit Cash $ 72,420 Accounts Receivable (net) 38,050 Inventory 66,219 Equipment (net) 88,950 Patents 16,070 Accounts Payable $ 55,080 Notes Payable (due 2022) 70,630 Common Stock 100,000 Retained Earnings 55,999 $ 281,709 $ 281,709 Except for the following items, Novak has recorded all adjustments in its accounts. 1. 2. Cash includes $490 petty cash and $15,370 in a bond sinking fund. Net accounts receivable is comprised of $52,170 in accounts receivable and $14,120 in allowance for doubtful accounts. Equipment had a cost of $119,290 and accumulated depreciation of $30,340. 3. 4. On January 8, 2021, one of Novak' customers declared bankruptcy. At December 31, 2020, this customer owed Novak $8,350. NOVAK COMPANY Balance Sheet Assets S S > Liabilities and Stockholders'Equity S