The Company provided the following account balances on December 31, 2021:

Cash 600,000 Accounts receivable, net 3,500,000 Cost in excess of billing on long-term contracts 1,600,000 Billings in excess of cost on long-term contracts 700,000 Prepaid taxes 450,000 Property, plant and equipment, net 1,510,000 Note payable - noncurrent 1,620,000 Share capital 750,000 Share premium 2,030,000 Retained earnings unappropriated 900,000 Retained earnings restricted for note payable 160,000 Earnings from long-term contracts 6,680,000 Cost and expenses 5,280,000