For December 31, 20X1, the balance sheet of Baxter Corporation was as follows: Current Assets Liabilities Cash $21,800 Accounts payable $23,009 Accounts recoivable 26,600 Notes payable 31,908 Inventory 36,000 Eonds payable 61,098 Prepaid expenses 13,160 Fixed Assets Stockholders' Equity Gross plant and equiphent $261,000 Preferred stock $ 31,000 Less: Accunulated depreciation (52,200) Common stock 66,080 Paid in Capital 36,009 Net plant and equipment $203,800 Retained earnings 56,900 Total assets $304,900 Total liabilities and stockholders' equity $304,900 Sales for 20 xx2 were $275,000, and the cost of goods sold was 60 percent of sales. Selling and administrative expense was $27,500. Depreciation expense was 9 percent of plant and equipment (gross) at the