2021 2020 Cash $ 1300000 995000 Accounts receivable (net) 1450000 1200000 Inventories 2500000 2300000 Plant assets (net) 6500000 6400000 Accounts payable 1050000 800000 Income taxes payable 220000 90000 Bonds payable 1400000 1400000 10% Preferred stock. $50 par 1950000 1950000 Common stock. $10 par 2500000 1700000 par Retained earnings 3800000 3500000 Net credit sales 13000000 Cost of goods sold 8500000 Operating expenses 2900000 Net income 1500000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1210000. On May 1, 2021, 80000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The inventory turnover for 2021 is O 8500 + 2400 O 13000 + 2400 O 8500+2500