Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation: Maris Corporation Income Statement Year Ended December 31, 20xx Sales $4,700,000 Cost of goods sold i 2,925,000 Gross profits 1,775,000 Selling and administrative expense 630,000 Amortization expense Operating income Interest expense Earnings before taxes Taxes Earnings after taxes Preferred stock dividends Earnings available to common shareholders Shares outstanding Earnings per share Statement of Retained Earnings For the Year Ended December 31, 20xx Retained earnings, balance, January 1, 20xx Add: Earnings available to common shareholders, 20xx Deduct: Cash dividends declared and paid in 20xx Retained earnings, balance, December 31, 20xx 290,000 855,000 52,000 803,000 390,000 413,000 50,000 $363,000 226,875 $1.60 $880,000 361,000 200,000 $1,043,000 Comparative Balance Sheets For 20xx and 20XW December 31, 20xx December 31, 20x sets urrent assets: Cash Accounts receivable (net) Inventory Prepaid expenses. Total current assets Plant and equipment Net plant and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable $120,000 $108,000 630,000 618,000 570,000 551,000 38,000 76,000 Investments (long-term securities) 1,358,000 1,353,000 100,000 105,000 Less: Accumulated depreciation 2,400,000 1,047,000 1,800,000 757,000 1,353,000 1,043,000 $2,811,000 $2,501,000 Notes payable Accrued expenses Total current liabilities Long-term liabilities: Bonds payable, 20XY Total liabilities Shareholders' equity: Preferred stock $455,000 $341,000 500,000 500,000 43,000 70,000 998,000 911,000 160,000 1,158,000 110,000 500,000 1,043,000 100,000 1,011,000 110,000 500,000 Common stock Retained earnings 880,000 Total shareholders' equity 1,653,000 1,490,000 Total liabilities and shareholders' equity $2,811,000 $2,501,000 Operating Activities: Net income MARIS CORPORATION Statement of Cash Flows For the Year Ended December 31, 20xx Add items not requiring an outlay of cash: Increase in accrued expenses Cash flow from operations Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in accounts payable Decrease in accrued expenses Net Change in non-cash working capital Cash provided by Investing activities: operating activities Increase in accounts receivable Increase in plant and equipment Cash used in Investing activities Financing activities: Increase in accounts receivable Preferred stock dividends paid Common stock dividends paid Cash used in financing activities Net increase in cash Cash, beginning of year Cash, end of year $