The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized data Income Statement Sales Revenue Cost of Goods Sold 5220,000 96,000 $187,000 92,000 Gross Profit Operating Expenses Interest Expense 124,000 58,000 6,200 95,000 50,600 6,200 Income before Income Tax Expense Income Tax Expense (30%) 59,800 17.940 38,200 11.460 Net Income 5 41,880 5 26,740 Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net 5 98,210 39,000 47.000 117,000 5 16,000 34.000 0,000 127.000 Total Assets 5301,210 5237,000 Accounts Payable Income Tax Payable Note Payable (long-term) S 64.000 1,550 62.000 5 32,800 1,600 62.000 Total Liabilities Common Stock (par $10) Retained Earnings 127.550 103,200 70.480 96,400 103,200 37.400 Total Liabilities and Stockholders' Equity 301,210 237.000 During the current year, cash dividends amounting to S8,800 were declared and paid