The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: 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 Retained earnings Total liabilities and stockholders' equity $ 156,250 $ 171,500 74,000 87,000 85,000 71,000 2,000 1,000 430,000 430,000 720,000 620,000 (400,000) (248,000) $1,067,250 $1,132,500 $ 89,000 $ 76,000 6,750 6,000 13,500 4,000 112,500 225,000 650,000 650,000 203,000 164,000 $1,067,250 $1,132,500 Additional Information for 2021: 1. Net income is $59,000. 2. The company purchases $100,000 in equipment. 3. Depreciation expense is $152,000. 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $20,000.