The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized data Current Year Previous Year Income Statement Sales Revenue $130,000 $115,000 60,000 56,000 Cost of Goods Sold Gross Profit 70,000 59,000 Operating Expenses 40,000 36,200 Interest Expense 4,400 4,400 Income before Income Tax Expense 25,600 18,400 Income Tax Expense (30%) 7,680 5,520 Net Income 17,920 12,880 Balance Sheet Cash 74,720 34,000 Accounts Receivable, Net 21,000 16,000 Inventory 29,000 42,000 Property and Equipment, Net 99,000 109,000 Total Assets $223,720 $201,000 Accounts Payable 46,000 34,600 Income Tax Payable 1,100 700 Note Payable (long-term) 44,000 44,000 Total Liabilities 91,100 79,300 Common Stock (par $10) 92,400 92,400 Retained Earningst 40,220 29,300 Total Liabilities and Stockholders' Equity $223,720 $201,000 During the current year, cash dividends amounting to s7,000 were declared and paid