The comparative financial statements prepared at December 31, year 2, for Goldfish Company showed the following summarized data: Year 2 Year 1 Statement of Earnings Sales revenue $195,000* $165,000 Cost of sales 120,000 100,000 Gross profit 75,000 65,000 Operating expenses and interest expense 60,000 53,000 Earnings before income taxes 15,000 12,000 Income tax expense 4,000 3,000 Net earnings $ 11,000 $ 9,000 Statement of Financial Position Cash $ 4,000 $ 8,000 Accounts receivable (net) 15,000 18,000 Inventory 40,000 35,000 Property, plant, and equipment (net) 45,000 38,000 $104,000 $ 99,000 Current liabilities (no interest) $ 16,000 $ 19,000 Long-term debt (10% interest) 45,000 39,000 Common shares (6,000 shares) 30,000 30,000 Retained earningst 13,000 11,000 $104,000 $ 99,000 "One-third was credit sales. +During year 2, cash dividends amounting to $9,000 were declared and paid.