2021 2020 Cash $ 1550000 $ 1020000 Accounts receivable (net) 1400000 1150000 Inventories 2700000 2200000 Plant assets (net) 6000000 6400000 Accounts payable 1000000 810000 Income taxes payable 210000 100000 Bonds payable 1450000 1450000 10% Preferred stock, $50 par 2050000 2050000 Common stock, $10 par 2500000 1700000 Paid-in capital in excess of par 1600000 1250000 Retained earnings 3900000 3500000 SUNO JUUUU Pald-in capital in excess of 1600000 1250000 Dar Retained earnings 3900000 3500000 Net credit sales 13000000 Cost of goods sold 8550000 Operating expenses 2700000 Net income 1550000 Additional information Depreciation included in cost of goods sold and operating expenses is $1235000. 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 profit margin on sales for 202115 4550 - 13000 1550-13000 4550 +8550 1550 8550