Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2014, were inventory, $47,900; total assets, $179,400; common stock, $84,000; and retained earnings, $39,090.) CABOT CORPORATION Income Statement For Year Ended December 31, 2015 Sales Cost of goods sold $454,600 298,550 Gross profit Operating expenses Interest expense 156,050 98,900 4,300 Income before taxes Income taxes 52,850 21,290 Net income $ 31,560 CABOT CORPORATION Balance Sheet December 31, 2015 Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade) Merchandise inventory Prepaid expenses Plant assets, net Liabilities and Equity Accounts payable Accrued wages payable Income taxes payable Long-term note payable, secured S 18,500 4,800 3,700 $ 12,000 8,400 30,600 6,500 34,150 3,100 152,300 by mortgage on plant assets Common stock 65,400 84,000 70,650 Retained eamings Total assets $247,050 Total liabilities and equity 247,050