Given below are selected data from the comparative income statement and balance sheet for Titanic Corporation for the years ended December 31, 2021 and 2020: 2021 (RM) 2020 (RM) Net sales (all on credit) 96,000 93,000 Cost of goods sold 51,300 52,500 Gross profit 44,700 40,500 Income from operations 16,300 15,000 Interest expense 3,000 3,500 Net income 9,800 9,000 Cash 2,700 3,500 Accounts receivable, net 10,700 12,500 Inventory I 25,000 30,000 Prepaid expenses 1,000 900 Total current assets 39,400 46,900 Total long-term assets 50,000 67,000 Total current liabilities 39,000 49,500 Total long-term liabilities 15,000 25,000 Common stock, no par *10,000 10,000 Retained earnings 25,400 29,400 *NOTE: 1,000 shares of common stock have been issued and outstanding since