Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $53,900; total assets, $209,400; common stock, $82,000; and retained earnings. $49,288.) CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity Assets Cash Short-term investments Accounts receivable, net $ 18,000 Accounts payable 8,800 Accrued wages payable 29,200 Income taxes payable 40,150 Long-term note payable, secured by mortgage on plant assets. Merchandise inventory Prepaid expenses 3,150 Common stock Plant assets, net 153,300 Retained earnings Total assets $ 252,600 Total liabilities and equity CABOT CORPORATION Incone Statement For Current Year Ended December 311 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense Net income Required: $ 450,600 298,050 152,550 99,200 4,600 48,750 19,638 $ 29,112 $18,500 3,000 4,300 66,400 82,eee 78,400 $ 252,600