Presented below is information related to Whispering Inc. WHISPERING INC. BALANCE SHEET DECEMBER 31, 2017 $45,100 $109,500 15,100 Cash Receivables Less: Allowance Inventory Prepaid insurance Land Equipment (net) 94,400 170,000 8,000 Notes payable (short-term) Accounts payable Accrued liabilities Common stock (par $5) Retained earnings $49,900 31,900 5,100 259,600 141,500 20,000 150,500 $488,000 $488,000 $1,396,900 WHISPERING INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Inventory, Jan. 1, 2017 $201,700 Purchases 783,300 Cost of goods available for sale 985,000 Inventory, Dec. 31, 2017 (170,000) Cost of goods sold Gross profit on sales Operating expenses 815,000 581,900 168,700