Presented below are Innovative Solutions Inc.'s balance sheet accounts as of December 31, 2018 and 2019; Income Statement for the year ended December 31, 2019; and information relating to 2019 activities.

Balance Sheet Accounts December 31, 2019 2018 Assets Cash $ 11,600 $ 0 Accounts receivable (net) 45,000 47,500 Inventory 65,000 60,000 Capital assets 338,500 273,500 Accumulated depreciation (102,000) (93.500) Total assets $358 100 $287 500 Liabilities and Stockholders' Equity Bank Overdraft $10,000 Accounts Payable 28,500 22,000 Long Term Notes Payable $48,000 $32,000 Common shares 218,500 178,000 Retained earnings 63.100 45,500 Total liabilities and stockholders' equity $ 358 100 $ 287 500 Income Statement Accounts December 31, 2019 Sales Revenue $ 100,500 Cost of Goods Sold (52.300) Gross Margin 48,200 Operating Expenses (12,000) Depreciation Expense (15,600) Gain on sale of equipment 3,300 Net Income $23.900