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10:03 PM dbu.blackboard.com AT&T lan Manufaceuring Company was organized five years ago and manufactures toys ls most recent hree years balmce oeta and income statements are reproduced below: Balance Sheets June 30, Year 5, Year 4, and Year 3 Tear 5 Tear 4 Fear 3 As1e $12,000 15,000 so,000 97,000 6,000 110.000 16,000 Accounts neceivable, ne Other cument assets Plant and equipment, net Tatal assets 0.000 Liabilities and Equity Accounts payable Federal income tax payable Long-term labilities Cammon stock, $5 par value Retained earming alliablities and equity $147.00 50,400 22,000 14.400 3,000 22 400 80.000 600 502,000 308000 202000 10.000 IAN MANUFACTURING COMPANY Condensed Income Statements For Years Ended June 30, Year 5, Year 4 Year3 Tear 4 Year 3 Net sales Cost of goods sold Gross proft Marketing and administrative cts(7000 Operating income Interest cost Income before income tax Income tax Net income 1,8400 $1,250,000 $1,050.000 exno (810,000 (512.0001 127.000 57.000 38 000 39,700 3,300 7 300) 36,000 9467 760 0.240 2.240 68.000 (28.000 40.000 87000 5.000 (30.000) 21,500 A reconciliation of retained eanings for years ended June 30, Year 4, and Year 5, follows IAN MANUFACTURING COMPANY Seatement of Retained Farnings For Years Ended June 30, Year 5 and Year 4 Tear 5 Tear 4 68,200 43,600 21,600 1,200 11.000) 9420 60,200 Balance, beginning Deduct: Dividends paid Balance, ending All sales ane on account 2. Lang-tern bisa owed to the company's bank