For the year just completed, Hanna Company had net income of $91,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 Beginning of Year End of Year Current assets: Cash and cash equivalents $ 60,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable $ 160,000 $ 78,000 $ 188,000 $ 442,000 $ 346,000 Accrued liabilities Income taxes payable $ 11,500 $ 356,000 $ 8,000 $ 34,000 $ 14,500 $ 396,000 $ 12,500 $ 29,000 The Accumulated Depreciation account had total credits of $50,000 during the year. Hanna Company did not record any gains or losses during the year.