Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 62 on December 31, 2012. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2012 and 2041 20Y2 2011 Retained earnings, January 1 $1,569,900 $1,328,700 272,200 Net income 331,200 Dividends: On preferred stock On common stock (11,200) (19,800) (11,200) (19,800) $1,569,900 $1,870,100 Retained earnings, December 31 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 2011 20Y2 2011 Sales $2,105,320 740,950 $1,939,760 681,670 Cost of merchandise sold Gross profit Selling expenses Administrative expenses $1,364,370 $473,900 403,690 $1,258,090 $565,070 331,870 Administrative expenses 403,690 331,870 $896,940 Total operating expenses Income from operations Other revenue and expense: $877,590 $486,780 $361,150 Other revenue 23,050 25,620 (136,000) (75,200) $309,000 $376,400 Other expense (interest) Income before income taexpense Income tax expense Net income 45,200 36,800 $331,200 $272,200