Information for Sheridan Company is given below: Sheridan Company Balance Sheet December 31, 2021 Assets Equities Cash $ 314000 Accounts payable $625000 1960000 Accounts receivable (net) Income taxes payable 186000 Inventories 2453000 230000 Miscellaneous accrued payables Plant and equipment 1872000 Bonds payable (8%, due 2023) net of depreciation 1984000 Preferred stock ($100 par, 6% Patents 265000 cumulative 740000 Other intangible assets 75300 Common stock (no par, 60,000 Total Assets $7051300 shares authorized, issued and outstanding) 1126000 Retained earnings 2493300 Treasury stock-1500 shares of preferred (221000) Total Equities $7051300 Sheridan Company Income Statement Year Ended December 31, 2021 Net sales $9500000 Cost of goods sold 6400000 Gross profit 3100000 Operating expenses (including bond interest expense) 1600000 Income before income taxes 1500000 Income tax 450000 Net income 1050000 Additional information: There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared. At December 31, 2021, the current ratio was Additional information: There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021, and there were no changes in the Bonds Payable. Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared. At December 31, 2021, the current ratio was 02274 +625. 0 6729+811. O 4727 +811. 4727 + 1041