The financial statements for Royale and Cavalier companies are summarized here: Royale Company Cavalier Company Balance Sheet Cash $25,e00 45,000 16,800 Accounts Receivable, Net Inventory Equipment, Net Other Assets 25,000 160,000 46,000 880,000 292,000 55,000 110,000 550,000 140,000 Total Assets Current Liabilities Note Payable (long-term) Common Stock (par $20) Additional Paid-In Capital Retained Earnings Total Liabilities and Stockholders' $120,e00 15,000 190,000 480,000 50,000 55,000 210,000 4,000 40,90e8,800 $ 880,000292,000 Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses $ 800,000 280,e0 150,008 95,000 $80,000 S 35,000 48e,000 Net Income Other Data Per share price at end of year Selected Data from Previous Year Accounts Receivable, Net $14.0e 11.00 $ 47,000 14,00e 55 pR