3 Skpoed Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 600,000 shares of common stock were outstanding. The interest rate on the bond payable was 10%, the income tax rate was 40%, and the dividend per share of common stock was $0.75 last year and $0.40 this year. The market value of the company's common stock at the end of this year was $23. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year eBook Hint Assets Current assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment Land Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equitys Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $1,210 9.800 $1,270 8,000 13,700 690 11,900 690 25,400 21,860 9,600 9.600 46,976 40,358 56,476 49,950 $ 81,076 $ 71,018 $19,000 1,020 $17,600 770 0 250 20.020 10,620 9,700 9,700 29,720 20,320 2,000 2,000 4,000 4,000 6,000 6,000 46,156 37,498 52,156 43,498 $81,076 5.71,010) Comparative Income Statement and Reconciliation Weller Corporation (dollars in thousande) This Year Last Year Gales $ 69,000 $65,000 Cost of goods sold 35,000 36,000 Gross margin 34,000 29,000 Selling and administrative expenses Selling expenses 11,400 10,500 Administrative expenses 6,800 6,600 Total selling and administrative expenses 10,200 17-100 Net operating Income 15,600 11,900.