Selected information from the comparative financial statements of Larkspur Company for the year ended December 31, appears below: 2020 2019 Accounts receivable (net) $188,000 $200,000 Inventory 146,000 164,000 Total assets 1,350,000 840,000 Current liabilities 145,500 110,000 Long-term debt 435,000 300,000 Net credit sales 1,940,000 770,000 Cost of goods sold 1,395,000 635,000 Interest expense 52,500 25,000 Income tax expense 54,450 28,300 Net income 208,050 84,000