Following is the balance sheet of Rundle Company for Year 3:RUNDLE COMPANYBalance sheetAssetsCash$15,450Marketable securities 7,860Accounts receivable 13,040Inventory 11,150Property and equipment 169,000Accumulated depreciation (12,800)Total assets$203,700Liabilities and Stockholders’ EquityAccounts payable$8,540Current notes payable 3,960Mortgage payable 4,500Bonds payable 21,840Common stock 113,700Retained earnings 51,160Total liabilities and stockholders’ equity$203,700The average number of common stock shares outstanding during Year 3 was 860 shares. Net income for the year was $14,100.