The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the following summarized data: Income Statement Sales Revenue* Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income 2017 2016 $112,000 $101,000 52,800 48,800 59,200 52,200 36,600 33,600 4,200 4,200 18,400 5,520 14,400 4,320 $ 12,880 $ 10,080 Balance Sheet Cash Accounts Receivable, Net Inventory Property and equipment, Net Total Assets Accounts Payable Income Tax Payable Note Payable, Long-Term Total Liabilities Contributed Capital (9,100 shares) Retained Earningst Total Liabilities and Shareholders' Equity $ 54,687 $ 17,500 39,000 26,000 33,000 40,000 99,000 109,000 $218,687 $199,500 $ 50,887 $ 38,280 1,020 42,000 520 42,000 93,907 80,800 91,000 91,000 33,780 27,700 $218,687 $199,500