Nineteen Measures of Solvency and Profitability The comparative financial statements of Blige Inc. are as follows. The market price of Blige Inc. common stock was $61 on December 31, 2016. Blige Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2016 and 2015 2016 2015 Retained earnings, January 1 $2,730,700 $2,314,500 Add net income for year 596,400 474,000 Total $3,327,100 $2,788,500 Deduct dividends On preferred stock $9,800 $9,800 On common stock 48,000 48,000 Total $57,800 $57,800 Retained earnings, December 31 $3,269,300 $2,730,700 Blige Inc. Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 2015 Sales $3,829,650 $3,523,300 Sales returns and allowances 19,050 12,380 Sales $3,810,600 $3,510,920 Cost of goods sold 1,267,280 1,165,900 Gross profit $2,543,320 $2,345,020 Selling expenses $898,510 $1,077,160 Administrative expenses 765,400 632,610 Total operating expenses 1,663,910 1,709,770 Income from operations $879,410 $635,250 Other income 46,290 40,550 $925,700 $675,800 Other expense (interest) 248,000 136,800 Income before income tax $677,700 $539,000 Income tax expense 81,300 65,000 Net income $596,400 $474,000 Blige Inc. Comparative Balance Sheet December 31, 2016 and 2015 Dec. 31, 2016 Dec. 31, 2015 Assets Current assets Cash $651,820 $547,000 Temporary investments 986,540 906,470 Accounts receivable (net) 678,900 635,100 Inventories 511,000 394,200 Prepaid expenses 123,324 109,400 Total current assets $2,951,584 $2,592,170 Long-term investments 1,820,086 382,195 Property, plant, and equipment (net) 3,720,000 3,348,000 Total assets $8,491,670 $6,322,365 Liabilities Current liabilities $922,370 $681,665 Long-term liabilities Mortgage note payable, 8%, due 2021 $1,390,000 $0 Bonds payable, 8%, due 2017 1,710,000 1,710,000 Total long-term liabilities $3,100,000 $1,710,000 Total liabilities $4,022,370 $2,391,665 Stockholders' Equity Preferred $0.7 stock, $40 par $560,000 $560,000 Common stock, $10 par 640,000 640,000 Retained earnings 3,269,300 2,730,700 Total stockholders' equity $4,469,300 $3,930,700 Total liabilities and stockholders' equity $8,491,670 $6,322,365 Required: Determine the following measures for 2016, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.