ABC Company's current financial information (before/without expansion) Dec. 31,20X2 Dec. 31,20X1

ABC Company’s current financial information (before/without expansion)
Dec. 31,20X2	Dec. 31,20X1
Cash	$ 50,000	$ 70,000
Accounts receivable (net)	$ 120,000	$ 180,000
Merchandise inventory	$ 350,000	$ 280,000
Property plant, & equipment	$ 400,000	$ 300,000
Less: Accumulated depreciation	$ (170,000)	$ (100,000)
Total assets	$ 750,000	$ 730,000
Accounts payable	$ 250,000	$ 210,000
Income taxes payable	$ 40,000	$ 10,000
Common stock	$ 240,000	$ 240,000
Retained earnings	$ 220,000	$ 270,000
Total liabilities & stock, equity	$ 750,000	$ 730,000
The firm’s accrual-basis income statement revealed the following data:
Sales	$ 1,200,000
Cost of goods sold	$ 800,000
selling and administrative expenses	$ 250,000
Depreciation expense	$ 70,000
Income taxes	$ 30,000
Dividends declared and paid during 20X2	$ 100,000
ABC purchased $100,000 of equipment for cash on August 14, 20X2

ABC Company’s current financial information (before/without expansion) Dec. 31,20X2 Dec. 31,20X1