Following is the balance sheet of Munoz Company for Year 3: MUNOZ COMPANY Balance sheet Assets Cash $ 14,650 Marketable securities 7,900 Accounts receivable 13,280 Inventory 10,650 Property and equipment 171,000 Accumulated depreciation (12,400 ) Total assets $ 205,080 Liabilities and Stockholders Equity Accounts payable $ 8,570 Current notes payable 3,920 Mortgage payable 4,800 Bonds payable 21,240 Common stock 113,700 Retained earnings 52,850 Total liabilities and stockholders equity $ 205,080 The average number of common stock shares outstanding during Year 3 was 850 shares. Net income for the year was $15,800.