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 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 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $523,000 $445,000 $377,500 Liabilities and Equity Accounts payable $129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par 163,500 163,500 163,500 value Retained earnings 131,100 104,750 79,250 Total liabilities and $523,000 $445,000 $377,500 equity 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 Sales Current Yr $673,500 1 Yr Ago $532,000 Cost of goods $411,225 $345,500 sold Other operating 209,550 134,980 expenses Interest expense 12,100 13,300 Income tax 9,525 8,845 expense Total costs and 642,400 502,625 expenses Net income $ 31,100 $ 29,375 Earnings per $ 1.90 $ 1.80 share