The financial statements for Armstrong and Blair companies for the current year are summarized below: Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other non-current assets Total assets Current liabilities Armstrong Company Blair Company $ 35,200 $ 24,000 38,000 32,000 120,000 38,000 420,000 312,000 150,000 87,000 $ 430,200 $ 826,000 $ 105,000 $ 49,000 Long-term debt (10%) Share capital Contributed surplus Retained earnings Statement of Earnings Total liabilities and shareholders' equity Sales revenue (1/3 on credit) Cost of sales Expenses (including interest and income tax) Net earnings 70,000 154,000 32,000 69,200 $ 430,200 $ 470,000 (258,500) (159,800) 64 75,000 520,000 122,000 60,000 $ 826,000 $ 830,000 (415,000) (315,400) $ 51,700 99,600