Selected year-end financial statements of Cabot Corporation follow.(All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $50,900; total assets, $249,400; common stock, $84,000; and retained earnings, $38,134,) 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 Net income 450,600 296,850 153,750 98,800 ,100 50, 850 20,484 s 30,366 CABOT CORPORATION Balance Sheet December 31, 2017 Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade) Merchandise inventory Liabilities and Equity 12,000 Accounts payable 29,600 Incone taxes payable 36,150 Long-term note payable, secured by 148,300 Retained earnings 16,500 4,800 3,000 8,200 Accrued wages payable 5,000 65,400 84,000 s 242,200 mortgage on plant assets Prepaid expenses Plant assets, net Total assets 2,950 Common stock 242,200 Total 1iabilities and equity