2021 2020 Cash $ 1700000 $ 980000 Accounts receivable (net) 1400000 1150000 Inventories 2750000 2300000 Plant assets (net) 7500000 6550000 Accounts payable 1000000 810000 Income taxes payable 210000 90000 Bonds payable 1500000 1500000 1800000 1800000 10% Preferred stock, $50 par Common stock, $10 par 2450000 1750000 Paid-in capital in excess of 1550000 1350000 Net credit sales 12700000 Cost of goods sold 8600000 Operating expenses 2700000 Net income 1600000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1230000. On May 1, 2021, 70000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The accounts receivable turnover for 2021 is O 8600+ 1400. O 12700+ 1275. O 12700+ 1400 8600+1275