Hello.

Can please help me with this one?

It starts from 4th question intentionally because I know how to do the first 3 problems.

Thank you.

The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized data: Current Year Previous Year Income Statement Sales Revenue Cost of Goods Sold $225,000 $191,000 94,000 98,000 Gross Profit Operating Expenses Interest Expense 127,000 59,000 6,300 97,000 51,400 6,300 Income before Income Tax Expense Income Tax Expense (30%) 61,700 18,510 39,300 11,790 Net Income 43,190 27,510 Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net $ 99,515 15,000 35,000 61,000 128,000 40,000 48,000 118,000 Total Assets $305,515 $239,000 Accounts Payable Income Tax Payable Note Payable (long-term) $ 65,000 32,700 1,650 63,000 1,575 63,000 Total Liabilities Common Stock (par $10) Retained Earnings 129,575 103,800 72,140 97,350 103,800 37,850 Total Liabilities and Stockholders' Equity $305,515 $239,000 T During the current year, cash dividends amounting to $8,900 were declared and paid