The following information pertains to Hagrid Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 40,000 Accounts receivable (net) 25,000 Inventory 20,000 Property, plant and equipment 210.000 Total Assets $295,000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities $ 60,000 85,000 150.000 Stockholders' equity-common Total Liabilities and Stockholders' Equity $295.000 Income Statement Sales revenue $85,000 Cost of goods sold 45,000 Gross margin 40,000 Operating expenses 20.000 Net Income $20,000