The Grilton Tire Company manufactures racing tires for bicycles. Grilton sells tires for $50 each. Grilton is planning for next year by developing a master budget by quarters. Grilton's balance sheet for December 31, 2016 follows: GRILTON TIRE COMPANY Balance Sheet December 31, 2016 Assets Current Assets: Cash 39,000 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets 90,100 40,000 2,400 8.700 Property, Plant and Equipment: 177,000 Equipment Less: Accumulated Depreciation 135,000 Total Assets $225 100 Current Liabilities: Accounts Payable 8,000 130,000 Common Stock, no par Retained Earnings 87.100 Total Stockholder's Equity 217 100 Total Liabilities and Stockholder's Equity $225.100