Use the balance sheet and income statement below: CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2021 and 2020 (in millions of dollars) Assets 2021 2020 Liabilities and Equity 2021 2020 Current assets: Current liabilities: Cash and marketable securities $ 3 $ 3 Accrued wages and taxes $ 16 Accounts receivable 27 25 Accounts payable 24 64 $ 14 22 Inventory 37 30 Notes payable 26 20 Fixed assets: Total Gross plant and equipment Less: Accumulated depreciation $ 67 $ 58 Total $ 66 $ 56 Long-term debt $ 23 $ 22 $101 28 $ 80 Stockholders' equity: 20 Preferred stock (2 million shares) $ 2 $ 2 Net plant and equipment Other long-term assets Total $ 73 $ 60 23 23 $ 96 $ 83 Total Total assets $163 $141 Common stock and paid-in-surplus (5 million shares) Retained earnings Total liabilities and equity 11 11 61 50 $ 74 $ 63 $163 $141