Cornerstone Co. Balance Sheet Accounts 12/31/18 $2,100 392 128 500 250 12/31/17 Bonds Payable $2,100 Cash 400 Accounts Receivable 145 Preferred Stock 500 Accounts Payable 244 Land 3,285 Common Stock 1,200 Inventory 480 Retained Earnings 320 Unearned Rent Revenue (to be earned in 2 months) 40 114 Prepaid Insurance (3-month policy) 20 Taxes Payable 3,285 1,200 520 400 28 173 20 Cornerstone Co. Income Statement Accounts For Year Ended 12/31/18 stone Co. Income Statement Accounts For Year Ended 12/31/18 Insurance Expense Interest Expense $60 32 Cost of Goods Sold 1,500 Rent Revenue 25 Net Sales Revenue 2,000 Tax Expense 27 Other Information 2018 Dividends to Common Shareholders $40 2018 Dividends to Preferred Shareholders $200 2018 Common Shares outstanding 100sh 2018 Preferred Shares outstanding 50sh 2018 Stock Price $100 All Sales on credit Note: Use the Cornerstone Co. data and the Reference Sheet to assist you in answering the following question 2018 Dividends to Common Shareholders $40 2018 Dividends to Preferred Shareholders $200 2018 Common Shares outstanding 100sh 2018 Preferred Shares outstanding 50sh 2018 Stock Price $100 All Sales on credit Note: Use the Cornerstone Co. data and the Reference Sheet to assist you in answering the following question. What is the 2018 Gross Profit Ratio? Select one: O a. 75% Ob 25% OC 50% O d. 20% O e. 2796