Page ) Debt to total assets. P18-3 Condensed balance sheet and income statement data for Clarence Corporation appear. CLARENCE CORPORATION Balance Sheets December 31 2013 2012 2011 Cash $25,000 $20,000 S 18.000 Receivables (net) 50,000 45,000 48.000 Other current assets 90,000 95,000 64,000 Investments 75.000 70,000 45,000 Plant and equipment (net) 400,000 370.000 358,000 5640,000 $600,000 $533.000 Current liabilities $ 75,000 $80,000 $70,000 Long-term debt 80,000 85,000 50,000 Common stock, S10 par 340,000 310,000 300,000 Retained earings 145.000 125,000 113.000 $640,000 $600,000 $533,000 CLARENCE CORPORATION Income Statement For the Years Ended December 31 2013 2012 Sales revenue $740.000 $700,000 Less: Sales returns and allowances 40.000 50.000 Net sales 700,000 650,000 Cost of goods sold 420,000 400,000 Gross profit 280,000 250,000 Operating expenses (including income taxes) 235,000 220.000 Net income S 45,000 $30,000 Additional information: 1. The market price of Clarence's common stock was $4.00, S5.00, and $8.00 for 2011, 2012, and 2013, respectively. 2. All dividends were paid in cash