Waite Company's comparative balance sheet and income statement for last year appear below:

Statement of Financial Position Cash ................................................... Accounts receivable ............................ Inventory ............................................ Prepaid expenses ................................ Long-term investments ....................... Plant and equipment ........................... Accumulated depreciation ................... Total assets ......................................... Accounts payable ................................ Accrued liabilities ............................... Taxes payable ..................................... Bonds payable .................................... Deferred taxes .................................... Common stock .................................... Retained earnings ............................... Total liabilities and owners' equity ..... Ending Beginning Balance Balance $ 27,000 $ 22,000 56,000 60,000 48,000 36,000 14,000 1 1,000 270,000 230,000 440,000 440,000 306,000) ( 276,000) $549 000 $523 000 $ 43,000 $ 33,000 20,000 25,000 6,000 9,000 130,000 150,000 22,000 20,000 120,000 1 10,000 208,000 176,000 $549 000 $523 000