The comparative financial statements prepared at December 31. 2014, for Pinnacle Plus showed the following summarized data: 2014I11 2013 Income Statement Sales Revenue* Cost of Goods Sold $125,000 $114,000 58,000 54,000 Gross Proft Operating Expenses Interest Expense 67,000 40,500 3,500 60,000 3,500 Income before Income Tax Expense Income Tax Expense (30%) 23,000 6,900 19,000 5,700 Net Income s16,10013,300 Balance Sheet Cash Accounts Receivable, Net Inventory Property and equipment, Net 47,742 14,350 32,000 32,500 85,000 39,500 33,000 95,000 Total Assets $197.242 $181,850 $ 33,792 28,900 450 Accounts Payable Income Taxes Payable Note Payable, Long-Term 950 35,000 35,000 Total Liabilities Contributed Capital (9,050 shares) Retained Eamingst 69,742 90,500 37,000 64,350 90,500 27,000 Total Liabilities and Shareholders' Equity $197.242 $181,850