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 $160,000 116,000 88,000 76,000 1,600 70,000 91,000 3,600 Long-term assets Land Equipment Less: Accumulated depreciation 440,000 750,000 (388,000) 440,000 630,000 (228,000) Total assets $ 1,126,600 $ 1,123,600 Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable $ 95,200 $ 81,000 11,600 4,600 5,500 7,500 120,000 660,000 Long-term liabilities Notes payable 240,000 Stockholders' equity: Common stock Retained earnings 660,000 126,400 238,400 Total liabilities and stockholders' equity $1,126,600 $ 1,123,600 Additional information for 2018: 1. Net income is $112,000 2. Sales on account are $1,382,500 3. Cost of goods sold is $1,077,150