The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Investments $170,200 $ 115,000 87,000 75,000 1,500 68,000 90,000 3,500 Long-term assets Land Equipment Less: Accumulated depreciation 430,000 740,000 (378,000) 430,000 620,000 (218,000) Total assets $ 1,123,700 $ 1,110,500 Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable $94,000 80,000 11,500 4,500 5,500 Income tax payable Long-term liabilities Notes payable Stockholders' equity: Common stock 7,500 100,000 650,000 200,000 650,000 164,500 Retained earnings 266,700 Total liabilities and stockholders' equity $1,123,700 1,110,500 Additional information for 2018: 1. Net income is $102,200 2. Sales on account are $1,348,500 3. Cost of goods sold is $1,056,000