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SHERIDAN's balance sheet at December 31, 2020, is as follows. SHERIDAN, INC. BALANCE SHEET AS OF DECEMBER 31, 2020 Assets Liabilities Cash $440 Notes payable

SHERIDAN's balance sheet at December 31, 2020, is as follows.

SHERIDAN, INC. BALANCE SHEET AS OF DECEMBER 31, 2020
Assets Liabilities
Cash $440 Notes payable $1,000
Inventory 1,790 Pension liability 345
Total current assets 2,230 Total liabilities 1,345
Plant and equipment 2,200 Stockholders equity
Accumulated depreciation (264 ) Common stock 2,000
1,936 Retained earnings 1,062
Total assets $4,166 Accumulated other comprehensive income (241 )
Total stockholders' equity 2,821
Total liabilities and stockholders equity $4,166

Additional information concerning SHERIDANs defined benefit pension plan is as follows.
Projected benefit obligation at 12/31/20 $816.1
Plan assets (fair value) at 12/31/20 471.1
Unamortized past service cost at 12/31/20 150
Amortization of past service cost during 2021 15
Service cost for 2021 44
Discount rate 10 %
Expected rate of return on plan assets in 2021 12 %
Actual return on plan assets in 2021 11.1
Contributions to pension fund in 2021 69
Benefits paid during 2021 42
Expected remaining service life of employees 15
Average period to vesting of prior service costs 10
Unamortized net loss due to changes in actuarial assumptions and deferred net losses on plan assets at 12/31/20 91

Other information about SHERIDAN is as follows.
Salary expense, all paid with cash during 2021 $700
Sales, all for cash 3,000
Purchases, all for cash 2,020
Inventory at 12/31/21 1,810

Property originally cost $2,200 and is depreciated on a straight-line basis over 25 years with no residual value. Interest on the note payable is 10% annually and is paid in cash on 12/31 of each year. Dividends declared and paid are $190 in 2021.

(a1)

Prepare an income statement for 2021. (Round answers to 1 decimal place,

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