FABULOUS CORPORATION Income Statement For the Year Ended December 31, 2019
Sales		$	4,110,000
Cost of goods sold			2,680,000
Gross profit		$	1,430,000
Selling and administrative expense			729,000
Depreciation expense			298,000
Operating income		$	403,000
Interest expense			80,700
Earnings before taxes		$	322,300
Taxes			210,000
Earnings after taxes		$	112,300
Preferred stock dividends			10,000
Earnings available to common stockholders		$	102,300
Shares outstanding			150,000
Earnings per share		$	0.68

Statement of Retained Earnings For the Year Ended December 31, 2019
Retained earnings, balance, January 1, 2019	$	554,000
Add: Earnings available to common stockholders, 2019		102,300
Deduct: Cash dividends declared and paid in 2019		169,000
Retained earnings, balance, December 31, 2019	$	487,300

Comparative Balance Sheets For 2018 and 2019
	Year-End 2018				Year-End 2019
Assets
Current assets:
Cash		$	123,000			$	94,300
Accounts receivable (net)			524,000				552,000
Inventory			661,000				668,000
Prepaid expenses			63,500				38,000
Total current assets		$	1,371,500			$	1,352,300
Investments (long-term securities)			94,900				82,400
Gross plant and equipment	$ 2,120,000				$ 2,620,000
Less: Accumulated depreciation	1,300,000				1,598,000
Net plant and equipment			820,000				1,022,000
Total assets		$	2,286,400			$	2,456,700
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable		$	389,000			$	589,000
Notes payable			509,000				509,000
Accrued expenses			72,400				51,400
Total current liabilities		$	970,400			$	1,149,400
Long-term liabilities:
Bonds payable, 20X2			172,000				230,000
Total liabilities		$	1,142,400			$	1,379,400
Stockholders equity:
Preferred stock, $100 par value		$	90,000			$	90,000
Common stock, $1 par value			150,000				150,000
Capital paid in excess of par			350,000				350,000
Retained earnings			554,000				487,300
Total stockholders equity		$	1,144,000			$	1,077,300
Total liabilities and stockholders equity		$	2,286,400			$	2,456,700