Pharoah Manufacturing Company reported net sales (all credit) of $137,000 and $156,950 for 2020 and 2021, respectively and net income of $41,000 and $49,000 for 2020 and 2021, respectively. Pharoah's 2020 and 2021 balance sheets appear below: 2020 2021 Current Assets Cash $33,000 $31,992 Accounts receivable, net 37,000 36,000 Inventory 40,000 47,042 Total current assets 110,000 115,034 Plant & equipment, net 77,000 56,966 Total assets $187,000 $172,000 Current liabilities $37,000 $47,042 Noncurrent liabilities 77,000 57,018 Total Liabilities 114,000 104,060 Stockholders' equity Common stock 19,000 19,006 Additional paid-In capital 21,000 21,070 Retained earnings 33,000 27,864 Total stockholders' equity 73,000 67,940 Total liabilities and stockholders' equity $187.000 $172.000