The management of Nabar Manufacturing prepared the following balance sheet for June 30. NABAR MANUFACTURING Balance Sheet June 30 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation Total assets $ 40,000 248,920 35,000 241,080 $720,000 240,000 480,000 $1,045,000 Liabilities and Equity Liabilities Accounts payable $ 51,400 Income taxes payable 10,000 Loan payable 24,000 Long-term note payable 300,000 $ 385,400 Equity Common stock 600,000 Retained earnings 59,600 Total liabilities and equity 659,600 $1,045,000