The most recent comparative balance sheet of Giacomelli Corporation appears below:

Liabilities and Stockholders' Equity Current liabilities: Accounts payable ..................................... $ 19,000 $ 17,000 Accrued wages and salaries payable ________ 36,000 33,000 Accrued income taxes payable ................. 21,000 18,000 Notes payable .......................................... 22,000 18,000 Total current liabilities ................................ 98,000 86,000 Longterm debt ........................................... 77,000 80,000 Deferred income taxes ................................ 26,000 24,000 Total liabilities ____________________________________________ 201,000 190,000 Stockholders' equity: Common stock ......................................... 31,000 30,000 Retained earnings .................................... 88,000 100,000 Total stockholders' equity ........................... 119,000 130,000 Total liabilities and stockholders' equity _____ $320,000 $320 000