Supreme Videos, Incorporated, produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. Supreme Videos, Incorporated Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock $ 78,000 117,000 $ 45,000 23,000 96,000 164,000 12,000 371,000 760,000 225,000 535,000 Retained earnings Total liabilities and stockholders' equity $ 504,000 285,000 $ 906,000 $ 117,000 789,000 $ 906,000