The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: Line Item Description December 31 20Y7 December 31 20Y6 December 31 20Y5 Total assets $228,000 $205,000 $182,000 Notes payable (8% interest) 80,000 80,000 80,000 Common stock 32,000 32,000 32,000 Preferred 7% stock, $100 par (no change during year) 16,000 16,000 16,000 Retained earnings 97,755 67,905 48,000 The 20Y7 net income was $30,970, and the 20Y6 net income