Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 Assets Current assets: Cash 20Y2 20Y1 $928,770 $837,000 Marketable securities Accounts receivable (net) Inventories Prepaid expenses Total current assets 1,405,700 1,387,020 846,800 795,700 627,800 481,800 175,713 167,400 $3,984,783 $3,668,920 Long-term investments 2,026,627 1,175,670 Property, plant, and equipment (net) 4,560,000 4,104,000 Total assets $10,571,410 $8,948,590 Liabilities Current liabilities $1,207,510 $2,022,490 Long-term liabilities: Mortgage note payable, 8% Bonds payable, 8% $1,710,000 $0 2,090,000 2,090,000 Total long-term liabilities $3,800,000 $2,090,000 Total liabilities $5,007,510 $4,112,490 Stockholders' Equity Preferred $0.70 stock, $50 par $700,000 $700,000 Common stock, $10 par 800,000 800,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Required: 4,063,900 3,336,100 $5,563,900 $4,836,100 $10,571,410 $8,948,590 Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 65 on December 31, 2012. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2012 and 20Y1 20Y2 20Y1 Retained earnings, January 1 $3,336,100 $2,803,700 Net income 769,600 574,200 Dividends: On preferred stock On common stock (9,800) (9,800) (32,000) (32,000) $3,336,100 Retained earnings, December 31 $4,063,900 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $4,516,875 $4,161,620 Cost of merchandise sold 1,553,440 1,429,160 Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations $2,963,435 $2,732,460 $995,690 $1,235,730 848,175 $1,843,865 725,740 $1,961,470 $1,119,570 $770,990 Other revenue and expense: Other revenue 58,930 49,210 Other expense (interest) (304,000) (167,200) Income before income tax expense $874,500 $653,000 Income tax expense 104,900 Net income $769,600 78,800 $574,200 Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. ar Marshall Inc. Comparative Retained Earni