The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015:

ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2015 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory $ 69,000 432,000 86,000 348,480 Total current assets Equipment, gross Accumulated depreciation 935,480 614,000 (157,000) Equipment, net 457,000 Total assets $ 1,392,480 Liabilities and Equity Accounts payable Short-term notes payable 178,700 19,000 $ 197,700 515,000 Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings 712,700 342,000 337,780 Total stockholders' equity 679,780 Total liabilities and equity $ 1,392,480