The following are the financial statements of Cullumber Company. CULLUMBER COMPANY Assets Cash Accounts receivable Inventory Equipment Balance Sheet December 31 2021 2020 $38,760 $20,400 30,600 14,280 27,540 20,400 61,200 79,560 (29,580) (24,480) $128,520 $110,160 Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Income taxes payable Notes payable Common shares Retained earnings Total CULLUMBER COMPANY Income Statement For the Year Ended December 31, 2021 Sales $246,840 Cost of goods sold 178,500 Gross profit 68,340 Operating expenses 24,480 Income from operations 43,860 Interest expense 3,060 Income before income taxes 40,800 Income tax expense 8,160 Profit $32,640 $24,480 $15,300 7,140 8,160 27,540 33,660 18,360 14,280 51,000 38,760 $128,520 $110,160