The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $55 on December 31, 2012. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 Retained earnings, January 1 Net income Dividends: On preferred stock On common stock Retained earnings, December 31 Sales 20Y2 20Y1 $2,832,900 $2,400,600 633,600 491,700 (8,400) (8,400) (51,000) $3,407,100 (51,000) $2,832,900 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 Cost of merchandise sold Gross profit 2012 20Y1 $3,606,200 $3,322,580 1,328,600 1,222,310 $2,277,600 $2,100,270