December 31 2021 2020 Cash $ 1300000 $ 980000 Accounts receivable (net) 1400000 1100000 Inventories 2400000 2100000 Plant assets (net) 6000000 6400000 Accounts payable 1000000 780000 Income taxes payable 180000 90000 Bonds payable 1300000 1300000 10% Preferred stock, $50 par 1800000 1800000 Common stock, $10 par 2300000 1700000 Paid-in capital in excess of par 1500000 1200000 Paid in capital in excess of par 1500000 1200000 Retained earnings 3800000 3400000 Net credit sales 12700000 Cost of goods sold 8200000 Operating expenses 2700000 Net income 1400000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1200000. On May 1, 2021, 60000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021 The Inventory turnover for 20211 8200-2250 8200 2400 12700-2400 127002250