Required information [The following information applies to the questions displayed below.] The following financial statements and information are available for Benson Industries Inc. Balance Sheets As of December 31 Year 3 Year 2 Assets Cash 160,700 $ 120,900 Accounts receivable 103,700 85,400 Inventory 186,800 172,300 Marketable securities (available for sale) 285,700 220,300 Equipment 655,200 490,500 Accumulated depreciation (309,600) (239,500) Land 80,500 119,800 1,163,000 969,700 Total assets Liabilities and equity Liabilities Accounts payable (inventory) Notes payable-Long-term Bonds payable 36,900 $ 66,500 230,100 250,500 201,000 100,500 Total liabilities 468,000 417,500 Stockholders' equity Common stock, no par 240,500 200,400 Preferred stock, $50 par 110,600 90,600 Paid-in capital in excess of par-Preferred stock 35,000 27,000 Total paid-In capital 386,100 318,000 Retained earnings 348,000 283,300 Less: Treasury stock (39,100) Total stockholders' equity Total liabilities and stockholders' equity $1,163,000 695,000 (49,100) 552,200 $ 969,700 Sales revenue Cost of goods sold Gross profit Operating expenses Supplies expense Income Statement For the Year Ended December 31, Year 3 $20,900 $1,050,500 (766,800) 283,700