The balance sheets for Cynthia Company showed the following information. Additional information concerning transactions and events during 2021 are presented below. Cynthia Company Balance Sheet December 31 2021 2020 Cash $ 34,608 $ 11,424 Accounts receivable (net) 48,496 22,736 Inventory 39,200 47,040 Long-term investments 0 16,800 Property, plant & equipment 264,880 168,000 Accumulated depreciation (42,224) (28,000) $344,960 $238,000 Accounts payable $ 19,040 $29,680 Accrued liabilities 23,520 19,040 Long-term notes payable 78,400 56,000 Common stock 145,600 100,800 Retained earnings 78,400 32,480 $344,960 $238,000