Question 1 of 1 < > View Policies Current Attempt in Progress The following are the financial statements of Sandhill Company. SANDHILL COMPANY Balance Sheet December 31 Assets 2021 2020 Cash $44,080 $23,200 Accounts receivable 34,800 16,240 Inventory 31,320 23,200 Equipment 69.600 90,480 Accumulated depreciation-equipment (33.640) (27.840 ) Total $146.160 $125,280 Liabilities and Shareholders' Equity Accounts payable $27,840 $17,400 Income taxes payable 8,120 9,280 Notes payable 31.320 38,280 Common shares 20,880 16,240 Retained earnings 58,000 44,080 Total $146,160 $125,280