Flagstaff Corporation's capital structure consists of 50,000 shares of common stock. The December 31, 2020, account balances are listed below (except as noted). All adjusting entries have been made except for the accrual of taxes (20% tax rate). $1,505,000 19,000 681,000 75,000 143,000 65,000 92,000 180,000 162,700 7,500 158,000 5,800 1,500 420,500 75,000 286,000 15,000 124,000 25,000 5,000 175,000 500,000 50,000 79,000 Sales Purchase Discounts Purchases Loss on Discontinued Operations Selling Expenses Cash Accounts Receivable Common Stock Accumulated Depreciation Dividend Revenue Inventory, January 1, 2020 Unearned Service Revenue Prepaid Insurance Land Patents Retained Earnings, January 1, 2020 Sales Discounts General and Administrative Expenses Dividends Allowance for Doubtful Accounts Notes Payable (maturity 7/1/21) Machinery and Equipment Office Supplies Accounts Payable Note: 12/31/20 Inventory is $114,000 Prepare a 12/31/20 balance sheet. Refer to the Scientific Products (Illustration 5-16) example in Chapter 5 of the text for format suggestions. Many items in this example are not applicable to this homework problem. c)