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The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized data Previous Current Year Year Income Statement $120,000 $107,000 Sales Revenue 56,000 52,000 64,000 55,000 38,000 34,600 Cost of Goods Sold Gross Profit Operating Expenses Interest Expense 4,200 4,200 Income before Income Tax Expense 21,800 16,200 Income Tax Expense (30%) 6,540 4,860 15,260 11,340 Net Income Balance Sheet 72,110 36,000 Cash Accounts Receivable, Net 19,000 14,000 27,000 Inventory 40,000 97,000 107,000 Property and Equipment, Net $215,110 $197,000 Total Assets 44,000 34,800 Accounts Payable Income Tax Payable 1,050 600 42,000 42,000 87,050 77,400 Note Payable (long-term) Total Liabilities Common Stock (par $10) 91,200 91,200 36,860 28,400 Retained Earnings $215,110 $197,000 Total Liabilities and Stockholders' Equity t During the current year, cash dividends amounting to $6,800 were declared and paid