The December 31, 2019, balance sheet for Munoz Corporation is presented here. These are the only accounts on Munoz’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: MUNOZ CORPORATION Balance Sheet As of December 31, 2019 Assets Cash $ 31,000 Accounts receivable (net) ? Inventory ? Property, plant, and equipment (net) 300,000 $ 450,000 Liabilities and Stockholders’ Equity Accounts payable (trade) $ ? Income taxes payable (current) 31,000 Long-term debt ? Common stock 306,000 Retained earnings ? $ ? Additional Information Current ratio (at year end) 1.5 to 1.0 Total liabilities ÷ Total stockholders’ equity 80 % Gross margin percentage 30 % Inventory turnover (Cost of goods sold ÷ Ending inventory) 11.2 times Gross margin for 2019 $ 321,000 Required Compute the balance in trade accounts payable as of December 31, 2019. Compute the balance in retained earnings as of December 31, 2019. Compute the balance in the inventory account as of December 31, 2019. (Assume that the level of inventory did not change from last year.)