Ending Balance Beginning Balance Cash. . Accounts receivable. . Inventory. $30,000 $35,000 $60,000 $55,000 $150,000 $450,000 $60,000 $130,000 $120,000 $320,000 $450,000 $50,000 $60,000 $140,000 $460,000 $40,000 $120,000 $120,000 $340,000 $460,000 Total assets.. . Common stock, $1 par value . . . Total liabilities and stockholders' equity... This Year Cost of goods sold... Gross margin.. $700,000 $400,000 $300,000 $140,000 $8,000 Interest expense. Net income . $92,400