Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow Cullumber Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $400,000 $417,500 Accounts receivable.net 1056.000 776,400 Inventory 721,000 681,050 Other current assets 381,300 247,050 Total current assets 2,558,300 2.122.000 Property, plant, & equipment, net 8,710,235 8,439,930 Total assets $11.268,535 $10.561,930 Liabilities and Stockholders' Equity Current liabilities $3.208.000 $2,846.000 Long-term debt 3702.700 3,892650 Total liabilities 6.910,700 6,738.650 Preferred stock, $5 par value 59.000 58.900 Common stock, $0.25 par value 104.700 103,900 Retained earnings 4.194.135 3.660.480 Total stockholders' equity 4.357,835 3823,280 Total liabilities and stockholders' equity $11.268,535 $10,561,930 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) 20201 $10.177,300 2019 $9,613,900 Cost of goods sold 5.613000 5.298,700 Gross profit 4564,300 4,315.200 Operating expenses 2.840.250 2.634.200 Net operating income 1.724050 1681000 Interest expense 300.400 308.600 Net income before taxes 1423.650 1372400 come taxes (30%) 427,095 411.720 Net income $9.555 $960.680 Dividends paid- Preferred dividends 29550 29.500 Common dividends 433350 413.100