December 31, 2021 2020 Cash $55,500 $48,000 Accounts receivable (net) 104,500 62,000 Inventories 92,500 108,000 Plant assets (net) 380,000 325,000 Accounts payable 55,000 39,000 Salaries and wages payable 12,000 5,000 Bonds payable 68,500 71,000 8% Preferred stock, $40 par 100,000 100,000 Common stock, $10 par 120,000 90,000 Paid-in capital in excess of par 85,000 65,000 Retained earnings 192,000 173,000 Net credit sales 1,000,000 Cost of goods sold Net income 735,000 85,000