Selected financial statement information and additional data for Diablo Enterprises Go-Kart Corporation is presented below Diablo Enterprises Go-Kart Corporation Balance Sheet and Income Statement Data December 31, December 31, 2021 2020 Current Assets Cash $193,000 $115,000 Accounts Receivable 383,000 316,000 Inventory 206,000 334,000 Total Current Assets 782,000 765,000 Property, Plant, and Equipment 1,241,000 1,122,000 Less: Accumulated Depreciation (476,000) (442,000) 765,000 680,000 Total Assets $1.547.000 $1.445.000 Current Liabilities Accounts Payable $155,000 $102,000 Notes Payable 61,000 68,000 Income Taxes Payable 107,000 76,500 Total Current Liabilities 323,000 246,500 Bonds Payable 340,000 391,000 Total Liabilities 663,000 637,500 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 510,000 467,500 374,000 340,000 884,000 807,500 $1,547.000 $1.445.000 Additional Information: 1. Net Income for the year ending December 31, 2021 was $164,000 2. During the year, the company sold equipment with an original cost of $147,000 and accumulated depreciation of $119,000.