Use the following financial statements and additional Information. Assets Cash Accounts receivable, net ARNOLD INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 77,900 73,000 $ 17,100 57,000 63,000 88,000 5,800 7,300 219,700 169,400 Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 186,000 (45,000) $ 360,700 172,000 (15,000) $ 326,400 4,000 $ 26,000 8,000 $ 32,000 19,000 4,400 38,000 55,400 33,000 65,000 71,000 120,400 240,000 170,000 49,700 36,000 $ 360,700 $ 326,400