Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current Year 1 Year Ago 2 Years Ago $ 35,250 $ 31,000 86,200 110,500 10,350 281,000 97,500 61,000 81,000 9,200 249,500 $ 435,950 $ 519,050 Accounts payable $ 128,800 Long-term notes payable Common stock, $10 par value Retained earnings 161,500 131,250 $ 74,000 101,000 161,500 99,450 Total liabilities and equity $ 519,050 $ 435,950 $ 37,400 49,000 52,500 4,300 234,000 $ 377,200 $ 50,200 81,400 161,500 84,100 $ 377,200 The company's income statements for the Current Year and 1 Year Ago, follow.