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Search in Document OFF Home InsertDesign Layout References Mailings Review> Share Times New R | ? | | 12 | ? | | A-1 A? | | A Paste Paragraph Styles Intermediate Accounting Project ame Bailey Corp. just completed the most profitable year in its 25-year history Reported earnings of $1,020,000 on sales of S8,000,000 resulted in a very healthy profit margin of 12.75%. Each year before releasing the financial statements, the board of directors meets to decide on the amount of dividends to declare for the year. For each of the past nine years, the company has declared a dividend of $1 per share of common stock, which has been paid on January 15 of the following year Presented here is the income statement for the year and the comparative balance sheets as of the end of the last two years. For the Year Ended ecembe $8,000,000 4,500,000 $3,500,000 1450,000 $2,050,000 350,000 $1,700,000 680,000 Sales revenue Cost of goods sold Operating expenses Interest expense Income tax expense (40%) Gross profit Income before interest and taxes Income before taxes Net income Page 1 of 3 602 words E ?] F 102% ocus