RIngtone Inc. has the following selected financial data: $$

$$

$20232022$

$$ Net income $$$$720,000$$$680,000$

$$ Total assets $5,136,0004,525,000$

$$ Preferred shares, cumulative $600,000600,000$

$$ Common shares $350,000350,000$

$$ Retained earnings $2,786,0002,190,000$

$$ Accumulated other comprehensive income $145,000130,000$

$$ Total shareholders' equity $3,881,0003,270,000$

$$ Cash dividends paid in the year $124,000170,000$

$$ Market price of common shares $97\mathrm{.}4664\mathrm{.}33$

$$ Weighted average number of common shares $80,00080,000$

$$ Dividend rate on preferred shares $4\%$

$$

$$There were no preferred dividends in arrears.