Pinnacle Plus declared and paid a cash dividend of $8,600 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Previous Year Year Income Statement Sales Revenue $210,000 $179,000 Cost of Goods Sold 92,000 88,000 Gross Profit 118,000 91,000 Operating Expenses 56,000 49,000 Interest Expense 6,000 6,000 Income before Income Tax Expense 56,000 36,000 Income Tax Expense (308) 16,800 10, 800 Net Income $ 39,200 $ 25,200 Balance Sheet Cash $ 95, 600 $ 18,000 Accounts Receivable, Net 37,000 32,000 Inventory 45,000 58,000 Property and Equipment, Net 115,000 125,000 Total Assets $292 , 600 $233,000 Accounts Payable $ 62,000 $ 33,000 Income Tax Payable 1, 500 1, 500 Note Payable (long-term) 60,000 60,000 Total Liabilities 123,500 94,500 Common Stock (par $10) 102,000 102,000 Retained Earnings 67, 100 36,500 Total Liabilities and Stockholders' Equity $292, 600 $233,000