SUSSEX CORPORATION Balance Sheet As of December 31, Year 4 Assets Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) _298,000 $ 31,000 $442,000 Liabilities and Stockholders' Equity Accounts payable (trade) Income taxes payable (current) Long-term debt Common stock Retained earnings 31,000 304,000 Additional Information Current ratio (at year end) Total liabilities+Total stockholders' equity Gross margin percent Inventory turnover (Cost of goods soldEnding inventory) Gross margin for Year 4 1.8 to 1.0 70% 40% 11.6 times $ 319,000 Required (Show your work on all problems.) a. Compute the balance in trade accounts payable as of December 31, Year 4 b. Compute the balance in retained earnings as of December 31, Year 4 c. Compute the balance in the inventory account as of December 31, Year 4. (Assume that the level of inventory did not change from last year.)