The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 63 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2012 and 20Y1 Retained earnings, January 1 Net income Dividends: On preferred stock On common stock Retained earnings, December 31 20Y2 20Y1 $1,669,125 $1,424,775 369,200 291,800 (12,600) (12,600) (34,850) (34,850) $1,990,875 $1,669,125 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 20Y2 20Y1 Sales $2,299,500 $2,118,620 Cost of merchandise sold 792,050 728,690 Gross profit $1,507,450 $1,389,930 Selling expenses $529,050 $634,510 Administrative expenses 450,680 372,650 Total operating expenses $979,730 $1,007,160 Income from operations $527,720 $382,770