You are the Controller at Gander, Inc. and are responsible for preparing and analyzing the balance sheet for December 31, 2018, the end of the company's fiscal year. Gander Inc. had the following balance sheet balances at December 31s GANDER, INC. Balance Sheet As of December 31, 2018 Accounts payable $44.616 Notes payable $46,200 Interest payable $2,310 Common stock $250000 Retained earnings $24,288 Cash $62.106 Accounts receivable $24,948 Inventories $130,360 Plant assets (net) $150,000 Total Liabilities & Equity Total Assets $367,414 $367,414 During 2018, the following occurred: 1. Customer sales on account $400,000 2. Received payments from customers in cash $380,000 3. Purchased merchandise on credit $220,000. 4. Paid cash to vendors $230,000. 5. Costs related to merchandise sold $170,000. 6. Operating expenses were paid in cash $80,000. 7. Interest paid on the note in cash $10.000. There is additional information to consider. The note payable was issued on June 30. 2018, and is due in two years on June 30, 2020. Interest in the amount of 10% is paid annually on June 30th. Depreciation on the plant assets for the year is $20.000. The original cost of the plant assets was $300,000. Balance Sheet As of December 31, 2018 4 5 ASSETS 6 Current assets: 7 Cash 8 Accounts receivable 9 Inventories 10 Total current assets 12 Property, plant, and equipmernt 13 Plant Assets (net) 14 Less: Accumulated depreciation 15 16 TOTAL ASSETS 17 18 LIABILITIES 19 Current Liabilities: 20 Accounts payable 21 Interest payable 22 Notes payable Net Plant Assets 23 Total Current Liabilities Plant Assets (net) Less: Accumulated depreciation Net Plant Assets TOTAL ASSETS LIABILITIES Current Liabilities: Accounts payable Interest payable Notes payable Total Current Liabilities STOCKHOLDERS' EQUITY Common Stock Retained Earmings Total Stockholders' Equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 6 Current Ratio Debt to Equity Ratio