For December 31, 2014, the balance sheet of the Gardner Corporation is as follows: Sales for 2015 were $243,000, with cost of goods sold being 61 percent of sales. Amortization expense was 13 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 14 percent, while interest on the notes payable was 11 percent. These are based on December 31, 2014, balances. Selling and administrative expenses were $29, 100 and the tax rate averaged 18 percent. During 2015, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 15 percent, and accounts payable increased by 30 percent. A new machine was purchased on December 31, 2015, at a cost of $27, 500. A cash dividend of $15, 800 was paid to common shareholders at the end of 2015. Also, notes payable increased by $3, 567 and bonds payable decreased by 10, 320. The common stock account did not change. For December 31, 2014, the balance sheet of the Gardner Corporation is as follows: Sales for 2015 were $243,000, with cost of goods sold being 61 percent of sales. Amortization expense was 13 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 14 percent, while interest on the notes payable was 11 percent. These are based on December 31, 2014, balances. Selling and administrative expenses were $29, 100 and the tax rate averaged 18 percent. During 2015, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 15 percent, and accounts payable increased by 30 percent. A new machine was purchased on December 31, 2015, at a cost of $27, 500. A cash dividend of $15, 800 was paid to common shareholders at the end of 2015. Also, notes payable increased by $3, 567 and bonds payable decreased by 10, 320. The common stock account did not change