The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $$119\mathrm{.}70$ on December $31,20$Y$8.$ AUTOMOTIVE SOLUTIONS INC.Comparative Income StatementFor the Years Ended December $31,20$Y$8$ and $20$Y$720$Y$820$Y$7$Sales $$10,000,000$ $ $9,400,000$ Cost of goods sold $(5,350,000)(4,950,000)$ Gross profit $ $4,650,000$ $ $4,450,000$ Selling expenses $ $(2,000,000)$ $$(1,880,000)$ Administrative expenses $(1,500,000)(1,410,000)$ Total operating expenses $ $(3,500,000)$ $$(3,290,000)$ Operating income $ $1,150,000$ $ $1,160,000$ Other revenue and expense: Other revenue $150,000140,000$ Other expense $($interest$)(170,000)(150,000)$ Income before income tax $ $1,130,000$ $ $1,150,000$ Income tax expense $(230,000)(225,000)$ Net income $ $900,000$ $ $925,000$ AUTOMOTIVE SOLUTIONS INC.Comparative Statement of Stockholders' EquityFor the Years Ended December $31,20$Y$8$ and $20$Y$720$Y$820$Y$7$ PreferredStock CommonStock RetainedEarnings PreferredStock CommonStock RetainedEarningsBalances, Jan. $1$ $$500,000$ $$500,000$ $$5,375,000$ $$500,000$ $$500,000$ $$4,545,000$ Net income $900,000925,000$ Dividends: Preferred stock $(45,000)(45,000)$ Common stock $(50,000)(50,000)$ Balances, Dec. $31$ $$500,000$ $$500,000$ $$6,180,000$ $$500,000$ $$500,000$ $$5,375,000$ AUTOMOTIVE SOLUTIONS INC.Comparative Balance SheetDecember $31,20$Y$8$ and $20$Y$7$ Dec. $31,20$Y$8$ Dec. $31,20$Y$7$Assets Current assets: Cash $ $500,000$ $ $400,000$ Marketable securities $1,010,0001,000,000$ Accounts receivable $($net$)740,000510,000$ Inventories $1,190,000950,000$ Prepaid expenses $250,000229,000$ Total current assets $$3,690,000$ $$3,089,000$ Long$-$term investments $2,350,0002,300,000$ Property, plant, and equipment $($net$)3,740,0003,366,000$ Total assets $$9,780,000$ $$8,755,000$ LiabilitiesCurrent liabilities $ $900,000$ $ $880,000$ Long$-$term liabilities: Mortgage note payable, $10\%$ $ $200,000$ $ $0$ Bonds payable, $10\%1,500,0001,500,000$ Total long$-$term liabilities $$1,700,000$ $$1,500,000$ Total liabilities $$2,600,000$ $$2,380,000$ Stockholders' Equity Preferred $$0\mathrm{.}90$ stock, $$10$ par $ $500,000$ $ $500,000$ Common stock, $$5$ par $500,000500,000$ Retained earnings $6,180,0005,375,500$ Total stockholders' equity $$7,180,000$ $$6,375,000$ Total liabilities and stockholders' equity $