For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: 32. Balance Sheet Liabilities Current Assets Cash $ 10,000 Accounts payable. $ 12,000 20,000 25,000 Bonds payable . . . . 12,000 50,000 Shareholders' Equity Plant and equipment.... 75,000 250,000 50,000 Retained earnings . . . . 105,000 Net plant and equipment 200,000 $262,000 Total liabilities and shareholders' equity . $262,000 Sales for 20XY were $220,000, with cost of goods sold being 60 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 8 percent, while interest on the notes payable was 10 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $22,000, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense balance were unchange