Local Stores United, 2020 Balance Sheet ASSETS Current assets Cash Accounts receivable Inventory Total current assets LIABILITIES & EQUITY Current liabilities $1,500 Accounts payable $8,640 $1,700 Notes payable $2,560 $7,600 Total current liabilities $11,200 $10,800 Long term debt $15,600 Common equity Common stock $5,600 $31,400 Retained earnings $9,800 Total common equity $15,400 $42,200 Total liabilities and equity $42,200 Net fixed assets Total assets Key data from Income Statement for 2020: Total sales were $72,000, depreciation was $4,000, and $3,000 was paid in dividends. Sales for 2021 are projected to double; No new equipment is expected to be purchased or sold in 2021. Depreciation expense along with common stock will remain unchanged in 2021. Current assets, accounts payable, accrued expenses, COGS, and selling expenses vary at a constant percentage of sales. Notes payable, long-term debt, and common stock are scheduled to stay the same What are the projected total assets for 2021