Problem 23-6A (Part Level Submission) Krause Industries' balance sheet at December 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 26,160 107,160 Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation $40,670 10,310 30,360 $137,520 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities $25,170 46,970 72,140 Stockholders' Equity Common stock Retained earnings Total stockholders' equity $37,970 27,410 65,380 $137,520 Total liabilities and stockholders' equity