The balance sheet for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets Cash Accounts receivable Inventory Prepaid rent $ 113,450 $ 134,600 96,500 88,100 2,900 81,600 104,000 5,800 Long-term assets Land Equipment Accumulated depreciation 525,000 525,000 715,000 (437,000) (286,000) 826,000 1,218,8501,276,100 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable $ 108,000 $ 93,100 14,100 5,900 7,050 9,800 Long-term liabilities Notes payable 117,500 235,000 Stockholders' equity Common stock Retained earnings 745,000 231,500 745,000 183,000 1,218,8501,276,100 Total liabilities and stockholders' equity Additional Information for 2018 1. Net income is $78,000 2. The company purchases $111,000 in equipment. 3. Depreciation expense is $151,000 4. The company repays $117,500 in notes payable 5 The company declares and pays a cash dividend of $29,500