The December 31, 2005, balance sheet for Ivey Inc. is presented here. These are the only accounts on Ivey’s balance sheet. Amounts indicated by question marks (?) can be calculated using the additional information following the balance sheet.

Required:
Determine the following:

a. The balance in trade accounts payable as of December 31, 2005.

b. The balance in retained earnings as of December 31, 2005.

c. The balance in the inventory account as of December 31, 2005.

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Assets Cash Accounts Receivable (net) Inventory Property, Plant, and Equipment (net) Liabilities and Stockholders' Equity Accounts Payable (trade) Income Taxes Payable (current) Long-Term Debt Common Stock Retained Earnings Additional Information $ 25,000 ? ? 294,000 $432,000 ? 25,000 ? 300,000 ? $ ? Current ratio (at year end) 1.5 to 1.0 Total liabilities Total stockholders' equity 0.8 Gross margin percent 30% Inventory turnover (Cost of goods sold + Ending inventory) Gross margin for 2005 10.5 times $315,000