The comparative financial statements prepared at December 31, 2017 for Pinnacle Plus showed the following summarized data: 2017 2016 Income Statement Sales Revenue Cost of Goods Sold $122,000 $111,000 56,800 52,800 Gross Profit Operating Expenses Interest Expense 65,200 39,600 3,800 58,200 36,600 3,800 Income before Income Tax Expense Income Tax Expense (30%) 21,800 6,540 17,800 5,340 'S Net Income $ 15,260 $ 12,460 Balance Sheet Cash Accounts Receivable, Net Inventory Property and equipment, Net $ 47,108 $ 12,580 35,000 38,000 31,000 36,000 91,000 101,000 Total Assets $204,108 $187,580 Accounts Payable Income Tax Note Payable, Long-Term $ 39,968 $ 32,800 980 480 38,000 38,000 Total Liabilities Contributed Capital (8,900 shares) Retained Earningst 78,948 89,000 36,160 71,280 89,000 27,300 Total Liabilities and Shareholders' Equity $204, 108 $187,580 The comparative financial statements prepared at December 31, 2017 for Pinnacle Plus showed the following summarized data: 2017 2016 Income Statement Sales Revenue Cost of Goods Sold $122,000 $111,000 56,800 52,800 Gross Profit Operating Expenses Interest Expense 65,200 39,600 3,800 58,200 36,600 3,800 Income before Income Tax Expense Income Tax Expense (30%) 21,800 6,540 17,800 5,340 'S Net Income $ 15,260 $ 12,460 Balance Sheet Cash Accounts Receivable, Net Inventory Property and equipment, Net $ 47,108 $ 12,580 35,000 38,000 31,000 36,000 91,000 101,000 Total Assets $204,108 $187,580 Accounts Payable Income Tax Note Payable, Long-Term $ 39,968 $ 32,800 980 480 38,000 38,000 Total Liabilities Contributed Capital (8,900 shares) Retained Earningst 78,948 89,000 36,160 71,280 89,000 27,300 Total Liabilities and Shareholders' Equity $204, 108 $187,580