Problem 15-257 Lundberg Corporation s most recent balance sheet.. Lundberg Corporation's most recent balance sheet and income statement appear below: Statement of Financial Position December 31, Year 2 and Year 1 in thousands of dollars) Year 2 Year 1 Asset Current assets: Cash Accounts receivable $ 130 $ 140 240 250 130 10 140 10 Prepaid expenses Total current assets Plant and equipment, net 520 937 530 917 Total assets $1,457 $1,447 Liabilities and stockholders' equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term $ 190 $ 180 80 140 80 130 Total current liabilities Bonds payable 400 220 400 270 Total liabilities 620 670 Stockholders' equity: Preferred stock, $100 par value, 10% Common stock, $1 par value Additional paid-in capital--common stoclk Retained earnings 230 100 110 397 230 100 110 330 Total stockholders' equity 837 770 Total liabilities and stockholders' equity $1,457 $1,440 Income Statement For the Year Ended December 31, Year 2 (in thousands of dollars) Sales (all on account) Cost of goods sold $1,360 853