The following is information for ABC- a publicly traded company Balance Sheet at end of 2020 (amounts in thousands) Condensed Income Statement for 2020 Statement of Comprehensive Income Current Assets 2020 Cash $ 4,650 Sales $ 265,320 Net Income $48,967 Accounts Receivable $ 18,260 Cost of Goods Sold $ 148,290 Inventory $ 21,275 Gross Profit $ 117,030 Prepaid insurance $ 5,700 Total Current Assets $ 49,885 Wages Expense $ 23,450 Property, Plant and Equipment $ 311,000 Depreciation Expense $ 15,220 Other Comprehensive Income Unrealized Gain on AFS Debt Securities $ 158 Income Tax Effect $ (33) Total Other Comprehensive In $ 125 Patent Accumulated Depreciation AFS Debt Securities $ (103,500) $ 36,000 Amortization Expense $ 1,500 Insurance Expense $ 767 Comprehensive Income $49,125 $ 2,100 Interest Expense $ 10,150 Total Assets $ 295,485 Other Expense $ 3,960 Current Liabilities Total Expenses $ 55,047 Accounts Payable $ 25,212 Income before Taxes $ 61,983 Interest Payable $ 650 Income Tax Expense $ 13,016 Wages Payable $ 1,085 Net Income $ 48,967 Unearned Revenue $ 1,600 Total Current Liabilities $ 28,547 Earnings Per Share 4.90 Note Payable $ 114,000 Bond Payable in 2022 $ 30,000 Equity Common Stock ($1 par, 10,000 shares i $ 10,000 CS APIC $ 20,800 Beginning Retained Earnings $ 92,435 Total OCI Statement of Changes in Stockholders Equity - 2020 $ 10,000 $ 20,800 $ 47,468 $ (422) $ 125 APIC RE AOCI Accumulated Other Comprehensive Lo $ (297) Net Income Liabilities and Equity $ 295,485 Dividends Ending Balance $ $ 48,967 $ (4,000) 10,000 $ 20,800 $ 92,435 $ (297) Results for 2021 Sales $ 281,300 All sales on credit Inventory Purchases on credit = 191,400 and ending inventory $56200 Depreciation expense $ 16,000 not including assets sold, bought or found Patent purchased in 2018 and determined to have remaining useful life of 10 years in 2021 Wages Expense $ 27,450 Paid in cash $ 2,194 owed at end of 2020 Insurance policy indicates that $5,700 was paid in May 2020 for 24 month coverage starting May 1 2020. During 2021 found an asset purchased and recorded in 2018 that had not been depreciated - cost 6,230 no salvage 10 year useful life Sold AFS Debt Securities that cost 400 for 390 in cash ($7 loss in AOCI recorded previously) Sold equipment that cost 3,000 with accumulated depreciation of 2,690 for $200 in cash. Purchased new equipment costing $6,975 with $2,000 down payment and 10% note payable on December 1, 2021 (first payment due January 1, 2022) 10 year useful life and no salvage Collections on A/R = 275,320 Payments on A/P = 176,500 - all accounts payable deal with inventory All service agreements sold to customers in 2020 completed in 2021. New service agreements sold for $2460 in cash during 2021 - 40 percent of the services provided during 2021