Sales revenue: $8,000	Accounts Receivable Dec. 31, 2019: $150
Tax rate: 25%	Accounts Payable Dec. 31, 2019: $175
Interest expense: $70	Inventory Dec. 31, 2019: $800
SGA Expenses: $1,300	Total Expenses: $5,200
Other Revenue: $2,000	Accrued Liabilities: $550
R&D Expense: $500	Long-Term Debt: $700
Cash on Dec. 31, 2018: $900	Long-Term Debt Currently Due: $50
Accounts Receivable Dec. 31, 2018: $300	Common Stock: $5,300
Accounts Payable Dec. 31, 2018: $750	Property Plant and Equipment: $1,750
Inventory Dec. 31, 2018: $200	Patents: $475
Cost of Goods Sold: _3,330_	Retained Earnings: ______

3. Create a balance sheet for Dec. 31, 2019. You will need to use the accounting equation to calculate retained earnings.