IMC Inc. presents the following data. IMC Inc. has never paid a dividend on its common stock, and it issued $2,400,000 of 10-year non-callable, long-term debt in 2019. As of the end of 2020, none of the principal on this debt had been repaid. Assume that the company's sales in 2019 and 2020 were the same. Question: IMC Inc. repaid some of the long-term debt in 2020. True or False? Assets: 2020 2019 Cash 200,000 170,000 Accounts receivable 864,000 700,000 Inventories 2,000,000 1,400,000 Total current assets 3,064,000 2,270,000 Net fixed assets 6,000,000 5,600,000 Total assets 9,064,000 7,870,000 2020 2019 Liabilities and equity: Accounts payable 1,400,000 1.090.000 Notes payable 1,600,000 1,800,000 Total current liabilities 3,000,000 2,890,000 Long-term debt 2,400,000 2,400,000 Common stock 3,000,000 2,000,000 Retained earnings 664,000 580,000 Total common equity 3,664,000 2,580,000 Total liabilities and equity 9,064,000 7,870,000 O True O False