Cash 640,000

Notes and accounts receivable 1,200,000

Merchandise Inventory 1,200,000

Marketable securities 80,000

Land and building 2,880,000

Bonds payable long term 2,240,000

Accounts payable trade - 880,000

Notes payable short term 320,000

Sales (20% cash) 19,200,000

Cost of goods sold 11,200,000

Identify the Grossmargin rate