Lundberg Corporation's most recent balance sheet and income statement appear below: Statement of Financial Position December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Asset Current assets: 200 210 Cash Accounts receivable 310 320 Inventory 210 200 Prepaid expenses 25 25 Total current assets 745 755 Plant and equipment, net 980 960 Total assets 1,725 $1,715 Liabilities and stockholders' equity: Current liabilities: 260 250 Accounts payable Accrued liabilities 150 150 Notes payable, short term 200 210 Total current liabilities 610 610 Bonds payable 290 340 Total liabilities 900 950 Stockholders' equity: Preferred stock, $100 par value, 10% 300 300 Common stock, $1 par value 100 100 Additional paid-in capita common stock 110 110 Retained earnings 315 255 Total stockholders' equity 825 765 Total liabilities and stockholders' equity 1,725 $1,715