Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected balance sheet amounts at December 31, 2016, were inventory, $46,900; total assets, $179,400; common stock, $84,000; and retained earnings, $41,936.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income taxes $ 455,600 297,250 158,350 99,300 4,100 54,950 22,136 $ 32,814 Net income CABOT CORPORATION Balance Sheet December 31, 2017 Liabilities and Equity Assets Cash Short-term investments Accounts receivable, net $ 18,000 Accounts payable 8,200 Accrued wages payable 32,400 Income taxes payable $ 19,500 3,200 3,200 otes receivable (trade)* Merchandise inventory 6,000 34,150 Long-term note payable, secured by 70,400 mortgage on plant assets Prepaid expenses Plant assets, net Total assets 3,000 Common stock 153,300 Retained earnings $ 255,5 Total liabilities and equity 84,000 74,750 $ 255,050