The balance sheets for Plasma Screens Corporation and additional information are provided below.

PLASMA SCREENS CORPORATION

Balance Sheets

December $31,2021$ and $2020$

$20212020$

Assets

Current assets:

Cash $ $199,360$ $ $112,000$

Accounts receivable $62,00084,000$

Inventory $87,00072,000$

Investments $3,2001,200$

Long$-$term assets:

Land $400,000400,000$

Equipment $710,000590,000$

Less: Accumulated depreciation $(348,000)(188,000)$

Total assets $ $1,113,560$ $ $1,071,200$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $ $91,400$ $ $77,000$

Interest payable $5,00011,200$

Income tax payable $7,0004,200$

Long$-$term liabilities:

Notes payable $100,000200,000$

Stockholders' equity:

Common stock $620,000620,000$

Retained earnings $290,160158,800$

Total liabilities and stockholders' equity $ $1,113,560$ $ $1,071,200$

Additional information for $2021$:

Net income is $$131,360.$

Sales on account are $$1,248,300.$

Cost of goods sold is $$993,750.$