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Comparative financial statements for Weller Corporation, a merchandising company, for the fiscal year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 800,000 shares of common stock were outstanding. The interest rate on the bond payable was 12%, the income tax rate was 40%, and the dividend per share of common stock was $0.75 last year and $0.40 this year. The market value of the company's common stock at the end of the year was $18. All of the company's sales are on account. dollars in thousands) This Year Last Year Assets Current assets Cash Accounts receivable, net Inventory Prepaid expenses $1,280 1,560 12,300 9,100 9,700 8,200 1,800 2,100 Total current assets 25,080 20,960 Property and equipment: Land 6,000 6,000 Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity 9,200 19,000 25,200 25,000 $50,280 $45,960 Current liabilities: Accounts payable Accrued liabilities Notes payable, short term 9,500 $ 8,300 700 300 600 300 Total current liabilities Long-term liabilities: 0,400 9,300 5,000 5,000 5,400 14,300 Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital 800 4,200 800 4,200 5,000 5,000 Total paid-in capital Retained earnings 29,880 26,660 4,880 31,660 $50,280 $45,960 Total stockholders' equity Total liabilities and stockholders' equity Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year $79,000 $74,000 52,000 48,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: 27,000 26,000 Selling expenses 8,500 8,000 Administrative expenses Total selling and administrative expenses Net operating income 2,000 11,000 20,500 9,000 6,500 7,000 Interest expense 600 600 Net income before taxes 5,900 6,400 Income taxes 2,360 2,560 Net income 3,540 3,840 Dividends to common stockholders 320 600 Net income added to retained earnings 3,220 3,240 Beginning retained earnings 26,660 23,420 Ending retained earnings $29,880 $26,660