The comparative financial statements prepared at December 31 for Pinnacle Plus showed the follow summarized data Current Year Previous Year Income Statement Sales Revenue Cost of Goods Sold $225,000 98,000 $191,000 94,000 Gross Profit Operating Expenses Interest Expense 127,000 59,000 6,300 97,000 51,400 6,300 39,300 11,790 Income before Income Tax Expense 61,700 18,510 come Tax Expense (30%) Net Income S 43,190 27,510 Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net S99,515 40,000 48,000 118,000 S 15,000 35,000 61,000 128,000 Total Assets $305,515 $239,000 Accounts Payable Income Tax Payable Note Payable (long-term) S65,000 1,575 63,000 S 32,700 1,650 63,000 Total Liabilities Common Stock (par $10) Retained Earnings 129,575 103,800 72,140 97,350 103,800 37,850 Total Liabilities and Stockholders' Equity $305,515 $239,000 t During the current year, cash dividends amounting to $8,900 were declared and paid