The following data was taken from the books as of December 31 of Cullumber Inc.: Cash Income tax expense sales revenue Inventory Accounts payable Operating expenses interest expense Prepaid expenses $14,000 Common shares 5,600 Cost of goods sold 104,400 Retained earnings (as of January 1) 31,600 Bank loan payable 32.950 Equipment 19,130 Dividends paid 3.900 Accounts receivable 1,370 $15,000 58,300 77,800 51,650 130,000 5.950 11,950