The comparative financial statements prepared at December 31 for Golden Corporation showed the following summarized data: Current Previous Income Statement Sales revenue Cost of goods sold $300,000 $261,000 148,000 158,000 Gross profit Operating expenses Interest expense 142,000 77,300 5,100 113,000 69,600 5,000 Income before income taxes Income tax expense 59,600 17,880 38,400 5,400 Net income $ 41,720$ 33,000 Balance Sheet Cash Accounts receivable (net) Inventory Property and equipment (net) 43,000 64,000 69,000 $ 5,820 10,400 35,000 59,000 62,000 $181,820 $166,400 Current liabilities Note payable (long-term) Common stock (par $5) Additional paid-in capital Retained earnings* $ 12,500$ 35,800 69,000 44,400 7,400 9,800 69,000 44,400 9,800 46,120 $181,820 $166,400