Income BS Liabs 2020 BS Assets 12/31/20 12/31/19 12/31/20 12/31/19 Stmt & SE Sales: $900,000 Cash: $ 12,000 $ 24,000 Accts $ 12,000 $ 80,000 Payable: Taxes CGS: (350,000) Accts Rec: 124,000 102,000 8,000 12,000 Payable: Gross Divs $550,000 AFS Secs: 70,000 36,000 16,000 Profit: 20,000 Payable: Wages Op. Exp: (240,000) Inventory: 80,000 120,000 16,000 8,000 Payable: Gain - Prepaid Interest 5,000 10,000 8,000 2,000 Equip : Rent: Payable: Interest Notes 3,000 Land: 250,000 180,000 120,000 138,000 Rev: Payable: Interest (6,000) Equipment: 180,000 Common 260,000 16,000 15,000 Exp: Stock: Pre-Tax Accum Additional $312,000 (70,000) (50,000) 160,000 147,000 NI: Depr: PIC: Income Retained (80,000) Patents: 94,000 100,000 400,000 360,000 Tax Earnings: NI: $232,000 Totals: $750,000 $780,000 Totals: $750,000 $780,000 Notes: 1) The only long-term asset sold in 2020 is Equipment with an $80,000 cost & 20% depreciated when sold. 2) All Depreciation & Amortization Expenses are included in Operating Expense (Op.Exp.)