The following data is for Annabella Corporation: 20X2 Current 20X1 Prior Year Year Cash 65,000 15,000 Accounts Receivable 55,000 35,000 Inventory 40,000 50,000 Equipment 260,000 200,000 Accumulated Depreciation 30,000 20,000 Security Deposit 10,000 Accounts Payable 55,000 30,000 Wages Payable 6,000 10,000 Taxes Payable 5,000 7,000 Interest Payable 4,000 3,000 Note Payable 90,000 100,000 Common Stock ($1 each) 80,000 50,000 Retained Earnings 160,000 80,000 Sales 1,000,000 Cost of Goods Sold 500,000 Wage Expense 206,000 Rent Expense 30,000 Office Expenses 20,000 Depreciation Expense 10,000 Utility Expense 16,000 Interest Expense 8,000 Income Tax Expense 60,000 The common stock was sold on September 30 of the current year for $1 per share. All equipment purchased during the year was purchased for cash. The retained earnings balance for both years is after all closing entries have been made. The Note Payable requires payments of $10,000 principal plus interest at 8% on December 31st of each year. Prepare the financial statements for the current year.