*Exercise 14-12 Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2020 December 31, 2019 Cash $ 31,000 77,500 196,000 Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings 48,000 29,500 $ 14,500 128,500 179,000 90,500 60,500 407,000 107,500 407,000 102,000 Additional information: 1. 2. 3. The inventory turnover is 2.6 times. The return on common stockholders' equity is 26%. The company had no additional paid-in capital. The accounts receivable turnover is 8.9 times. The return on assets is 12.5%. Total assets at December 31, 2019, were $608,000. 4. 5. Compute the following for Panza Corporation. (a) Cost of goods sold for 2020 $ (b) Net credit sales for 2020. $ (c) Net income for 2020 $ (d) Total assets at December 31, 2020 $