Following is the balance sheet of Gibson Company for Year 3: Assets Cash Marketable securities Accounts receivable Inventory GIBSON COMPANY Balance sheet Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Bonds payable Mortgage payable Common stock Retained earnings Total liabilities and stockholders' equity $ 14,850 8,420 12,980 10,950 174,500 (12,400) $209,300 $ 8,930 3,360 4,250 21,420 113,800 57,540 $209,300 The average number of common stock shares outstanding during Year 3 was 860 shares. Net income for the year was $14,700.