Tungsten Company, Incorporated, sells heavy construction equipment. There are 12,500 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year: Account Titles Debit Credit Cash $33,600 Accounts receivable (net) 15,400 Inventory, ending 53,000 Operational assets 41,200 Accumulated depreciation $17,000 Liabilities 25,100 Capital stock 73,100 Retained earnings, January 1, Current Year 19,180 Sales revenue 147,400 Sales returns and allowances 6,800 Cost of goods sold 79,900 Selling expense 15,600 Administrative expense 16,600 Bad debt expense 2,000 Sales discounts 8,400 Income tax expense 9,280 Totals $281