Required information Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: 2021 2020 Amount % Amount % $ 155,400 $ 109,450 59,400 41,800 66,600 108,350 13,200 6,600 Investment in bonds Land 70,200 0 146,400 172,700 Equipment 142,200 141,900 Less: Accumulated depreciation (53,400) (30,800) Total assets $ 600,000 $ 550,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $ 39,600 $ 52,250 6,600 3,300 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 16,800 14,300 201,600 174,900 Common stock 231,000 231,000 Retained earnings 104,400 74,250 Total liabilities and stockholders' equity $ 600,000 $ 550,000