Blossom Company has $1,110,000in assets and $1,110,000in stockholders' equity, with37,600shares outstanding the entire year. It has a return on assets of10%. During 2021, it had net income of $111,000. On January 1, 2022, it issued $408,000in debt at6% and immediately repurchased18,800shares for $408,000. Management expected that, had it not issued the debt, it would have had net income of $111,000 in 2022. Assume the company pays dividends on common stock equal to its net income each year. Also, assume the accrued interest on the debt was paid at December 31, 2022 and the company has no other debt outstanding at year-end.