IHstructions I help Question 7 (of 7) Save &Exit Submit value 2.90 points Selected 2015, were inventory, $46,900; total assets, $179,400, common stock. $82,000, and retained earnings, $48,428.) year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected balance sheet amounts at December 31 Income Statement For Year Ended December 31, 2016 Sales Cost of goods sold Gross profit 453,600 155 Interest expense Income before taxes Income taxes Net income 99.200 4.400 51,950 20 928 $ 31,022 CABOT CORPORATION Balance Sheet December 31, 2016 Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade) Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity $ 16,000Accounts payable 9,400 30,600 7,000 Accrued wages payable Income taxes payable Long-term note payable, secured by mortgage on plant assets s 17.500 3,000 4,700 65,400 82,000 38,150 2,600 Common stock 148,300 Retained earnings $252,050 Total liabilities and equity $252,050 These are short-term notes receivable arising from customer (trade) sales