The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the following summarized data: 2017 2016 Income Statement Sales Revenue* $ 116,000 $ 105,000 Cost of Goods Sold 54,400 50,400 Gross Profit 61,600 54,600 Operating Expenses 37,800 34,800 Interest Expense 4,600 4,600 Income before Income Tax Expense 19,200 15,200 Income Tax Expense (30%) 5,760 4,560 Net Income $ 13,440 $ 10,640 Balance Sheet Cash $ 59,742 $ 15,740 Accounts Receivable, Net 43,000 35,000 Inventory 28,000 44,000 Property and equipment, Net 107,000 117,000 Total Assets $ 237,742 $ 211,740 Accounts Payable $ 63,342 $ 44,080 Income Tax Payable 1,060 560 Note Payable, Long-Term 46,000 46,000 Total Liabilities 110,402 90,640 Contributed Capital (9,300 shares) 93,000 93,000 Retained Earnings 34,340 28,100 Total Liabilities and Shareholders' Equity $ 237,742 $ 211,740