The 2015 income statement of Adrian Express reports sales of $15,960,000, cost of goods sold of $9,600,000, and net income of $1,600,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheet December 31, 2015 and 2014 2014 2015 Assets Current assets 600,000 760,000 Cash Accounts receivable 1,400,000 1,000,000 Inventory 1,800,000 1,400,000 4,800,000 4,240,000 Long-term assets Total assets $8,600,000 $7,400,000 Liabilities and Stockholders' Equity Current liabilities $2,020,000 $1,660,000 Long-term liabilities 2,300,000 2,400,000 Common stock 2,000,000 000,000 Retained earnings 2,280,000 1,340,000 Total liabilities and stockholders' equity $8,600,000 $7,400,000 Industry averages for the following four risk ratios are as follows: 25 days Average collection period 60 days Average days in inventory Current ratio 2 to 1 Debt to equity ratio 50%