The Elliott Corporation provides you with the following information for the year ended 12/31/23: Sales revenue 450,000 Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense 72,750 Pension expense 28,500 Other expense 38,250 Interest expense 4,500 Gain on the sale of equipment (3,000) Income tax expense 97,500 238,500 Net Income 91,500 12/31/22 12/31/23 Cash 24,000 54,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 Accumulated Depreciation (9,000) (10,500) Total 342,000 363,000 Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 Notes Payable, long term 45,000 0 Accrued Pension Liability 6,000 3,000 Deferred Tax Liability 21,000 27,000 Common Stock, no par 105,000 120,000 Retained Earnings 9,000 70,500 Total 342,000 363,000