The December 31, Year 4, balance sheet for Vernon Corporation is presented here. These are the...

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The December 31, Year 4, balance sheet for Vernon Corporation is presented here. These are the only accounts on Vernon's balan sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: VERNON CORPORATION Balance Sheet As of December 31, Year 4 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 $ 34,000 ? ? 320,000 $ 410,000 $ ? 34,000 ? 326,000 ? $ ? Additional Information Current ratio (at year end) Total liabilities Total stockholders' equity Gross margin percentage Inventory turnover (Cost of goods sold Ending inventory) Gross margin for Year 4 Required a. Compute the balance in trade accounts payable as of December 31, Year 4. b. Compute the balance in retained earnings as of December 31, Year 4. 1.5 to 1.0 60% 40 % 12.4 times $ 341,000 c. Compute the balance in the inventory account as of December 31, Year 4. (Assume that the level of inventory did not change fro last year.) Note: For all requirements, negative amounts should be indicated by a minus sign. Do not round intermediate calculations. R your answers to the nearest whole dollar amount. a. Accounts payable b. Retained earnings c. Inventory The December 31, Year 4, balance sheet for Vernon Corporation is presented here. These are the only accounts on Vernon's balan sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: VERNON CORPORATION Balance Sheet As of December 31, Year 4 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 $ 34,000 ? ? 320,000 $ 410,000 $ ? 34,000 ? 326,000 ? $ ? Additional Information Current ratio (at year end) Total liabilities Total stockholders' equity Gross margin percentage Inventory turnover (Cost of goods sold Ending inventory) Gross margin for Year 4 Required a. Compute the balance in trade accounts payable as of December 31, Year 4. b. Compute the balance in retained earnings as of December 31, Year 4. 1.5 to 1.0 60% 40 % 12.4 times $ 341,000 c. Compute the balance in the inventory account as of December 31, Year 4. (Assume that the level of inventory did not change fro last year.) Note: For all requirements, negative amounts should be indicated by a minus sign. Do not round intermediate calculations. R your answers to the nearest whole dollar amount. a. Accounts payable b. Retained earnings c. Inventory