Presented below is information related to Cullumber Inc. CULLUMBER INC. BALANCE SHEET DECEMBER 31, 2020 Cash $45,000 Notes payable (short-term) $49,900 Receivables $110,800 Accounts payable 32,100 Less: Allowance 15,000 95,800 Accrued liabilities 4,900 Inventory 170,800 Common stock (par $5) 259,600 Prepaid insurance 8,100 Retained earnings 141,500 Land 19,800 Equipment (net) 148,500 $488,000 $488,000