Problem 21-6A (Part Level Submisslon) Krause Industries' balance sheot at Decembor 31, 2016, is presented below KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 26,090 107,090 Total current assets Property, Plant, and Equipment $40,520 Equipment Less: Accumulated depreciation 10,47030,050 $137,140 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $27,210 47,580 74,790 Total liabilities Stockholders' Equity $37.330 Common stock 25,020 Retained earnings 62,350 $137,140 Total stockholders' equity Total liabilities and stockholders' equity