Here is the problem: Jomer Company uses the perpetual inventory procedure. Given below is an abbreviated balance shee company as of Dec. 31, 2019: Current Assets: Cash 22,000 Accounts Receivable 44,000 Inventory 96,000 Prepaid Expenses 8,000 Total Current Assets 170,000 Fixed Assets: Land Buildings Less Accumulated Depreciation Equipment Less Accumulated Depreciation: 22,000 142,000 63,000 79,000 46,000 10,000 36,000 137,000 307,000 Total Fixed Assets Total Assets Current Liabilities: Accounts Payable 24,000 Income Taxes Payable 3,000 Accrued Expenses Payable 6,000