The balance sheet for Plasma Screens Corporation along with additional information is provided below:

PLASMA SCREENS CORPORATION Balance Sheet December 31, 2012 and 2011
	2012		2011
Assets:
Current assets:
Cash	$	126,500	$	112,000
Accounts receivable		77,100		92,700
Inventory		95,700		79,800
Prepaid rent		4,700		1,700
Long-term assets:
Land		485,000		485,000
Equipment		784,000		680,000
Accumulated depreciation		(434,000)		(277,000)
Total Assets	$	1,139,000	$	1,174,200
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable	$	98,100	$	85,000
Interest payable		5,200		12,000
Income tax payable		7,700		5,200
Long-term liabilities:
Notes payable		109,000		198,000
Stockholders' equity:
Common stock		708,000		708,000
Retained earnings		211,000		166,000
Total liabilities and stockholders