The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets 177,600 66,000 89,000 3,400 114,000 86,000 74,000 1,400 420,000 730,000 (368,000) $1,118,000 420,000 610,000 (208,000) $1,097,400 $ $ 93,000 5,000 7,000 79,000 11,400 4,400 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 110,000 220,000 640,000 263,000 $1,118,000 640,000 142,600 $1,097,400 Additional information for 2021: 1. Net income is $120,400. 2. Sales on account are $1,314,800. 3. Cost of goods sold is $1,035,050