Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Current Yr 1 Yr Ago 2 Yrs Ago $ 31,800 $ 35,625 $ 37,800 89,500 112,500 62,500 50,200 82,500 54,000 9,375 5,000 255,000 230,500 $ 445,000 $377,500 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 10,700 278,500 $ 523,000 $ 129,900 98,500 163,500 131,100 $ 523,000 $ 75,250 $ 51,250 101,500 163,500 83,500 163,500 104,750 19,250 $ 445,000 $377,500 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr 1 Yr Ago $532,000 Sales $673,500 Cost of goods sold $411,225 $345,500 Other operating expenses 209,550 Interest expense 12,100 Income tax expense 9,525 Total costs and expenses 642,400 134,980 13,300 8,845 Net income. Earnings per share: $ 31,100 502,625 $ 29,375 $ 1.90 $ 1.80