The balance sheets for a company, along with additional information, are provided below: Balance Sheets: Assets Current assets: December 31, 2021 and 2020 2021 2020 Cash Accounts receivable. Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable. Stockholders' equity: Common stock $ 113,500 $ 125,600 78,800 93,000 97,000 81,800 4,400 2,200 490,000 490,000 798,000 680,000 (430,000) (272,000) $1,151,700 $ 101,000 6,300 8,400 $1,200,600 $ 86,800 12,600 5,200 105,000 210,000 710,000 Retained earnings 221,000 Total liabilities and stockholders' equity $1,151,700 710,000 176,000 $1,200,600 Additional Information for 2021: 1. Net income is $71,000. 2. The company purchases $118,000 in equipment. 3. Depreciation expense is $158,000. 4. The company repays $105,000 in notes payable. 5. The company declares and pays a cash dividend of $26,000.