Use this balance sheet and income statement for the first year of operations for Layton Novelties, Inc. to answer the following question. Use ending balances whenever average balances are required for computing ratios. Layton Novelties, Inc December 31.20x7 $ 28,000 Current liabilities Balance Sheet Assets Liabilities 16,000 Current assets Investments Property, plant, and equipment Intangible assets 12,000 Long-term liabilities 48,000 Total liabilities 32,000 $20,000 Stockholders' Equity S 80,00 Common stock Retained earnings Total stockholders' equity Total liabilities and $100,000 Total assets $120,000 stockholders' equity Layton Novelties, Inc Income Statement For the Year Ended December 31,20x7 $80,00 Net sales Costs of goods sold Gross margin Operating expenses Income before income taxes Income taxes Net income $48.000 12.000 $ 36,000 14400 The total amount of working capital of Layton Novelties, Inc. is