The comparative financial statements prepared at December 31, 2014, for Pinnacle Plus showe following summarized data 2014 2013 Income Statement Sales Revenue* Cost of Goods Sold $118,000 $107,000 51,200 55,200 Gross Profit Operating Expenses Interest Expense 62,800 38,400 4,800 55,800 35,400 4,800 Income before Income Tax Expense Income Tax Expense (30%) 19,600 5,880 15,600 4,680 Net Income $13,720 10,920 Balance Sheet Cash Accounts Receivable, Net Inventory Property and equipment, Net 62,865 14,980 45,000 29,000 111,000 36,000 46,000 121,000 Total Assets $247,865 $217,980 Accounts Payable Income Taxes Pavable Note Payable, Long-Term $70,165 47,100 580 48,000 1,080 48,000 Total Liabilities Contributed Capital (9,400 shares) Retained Earningst 119,245 94,000 34,620 95,680 94,000 28,300 Total Liabilities and Shareholders' Equity $247,865 $217,980