Techno Corp Income Statement Actual results 2019 for 12 months ending December 31, 2019 Sales revenue (10,000 units at $250 each) $2,500,000 Cost of goods sold ($100 per unit) ($ 1,000,000) Gross prot $1,500,000 Operating expenses ($500,000) Operating prot $1,000,000 Interest expense ($200,000) Net prots before taxes $800,000 Taxes (30%) ($240,000) Net prots after tax $560,000 Dividends on common stock $224,000 Techno Corp Balance Sheet December 31, 2019 ASSETS Cash $500,000 Marketable securities $300,000 Accounts receivable $500.000 Inventory $400,000 Total current assets $1,700,000 Net fixed assets $2,000,000 Total assets $3,700,000 LIABILITIES AND STOCKHOLDER'S EQUITY Accounts payable $150,000 Taxes payable $120,000 Notes payable (long-term debt due within one year) $200,000 Other current liabilities $200,000 Total current liabilities $670,000 Long-term debt $1,800,000 Total liabilities $2,470,000 Common stock $500,000 Retained earnings $730,000 Total liabilities and stockholder's equity $3,700,000