The comparative nancial statements prepared at December 31 for Pinnacle Plus showed the following summarized data: Current Year Previous Year Income Statement Sales Revenue $210,000 $179,000 Cost of Goods Sold 92,000 88,000 Gross Prot 118,000 91,000 Operating Expenses 56,000 49,000 Interest Expense 6,000 6,000 Income before Income Tax Expense 56,000 36,000 Income Tax Expense (30%) 16,800 10,800 Net Income $ 39,200 $ 25,200 Balance Sheet Cash $ 95,600 $ 18,000 Accounts Receivable, Net 37,000 32,000 Inventory 45,000 58,000 Property and Equipment, Net 115,000 125,000 Total Assets $292,600 $233,000 Accounts Payable $ 62,000 $ 33,000 Income Tax Payable 1,500 1,500 Note Payable (Iong~term) 60,000 60,000 Total Liabilities 123,500 94,500 Common Stock (par $10) 102,000 102,000 Retained EamingsT 67,100 36,500 Total Liabilities and Stockholders' Equity $292,600 $233,000 T During the current year, cash dividends amounting to $8,600 were declared and paid