Given below are comparative balance sheets and an income statement for the Excellent Corporation for 2015 Excellent Corporation Balance Sheets-2015 Excellent Corporation Income Statement for the vear ended 2015 Dec. 31 34,000 94,000 68,000 4000132.000 Operating expenses Jan. 1 34,000 Sales 78,000 Cost of goods sold 74,000 Gross profit on sales 196,000 $524,000 Cash Accounts receivable Inventory Equipment (net) 8.700) S310,00000 S31800000Operating income S Interest expense and income taxes Accounts payable Dividends payable Long-term note 54,000 60,000 28.750 20,000 12.000Net income avable Capital stock, $10 par Retained earnings 32.000 32.000 140,000 64.00074.000 S31000318.000 140,000