The following data are provided: December 31 2021 2020 Cash $ 1,500,000 $ 1,000,000 Accounts receivable (net) 1,600,000 1,600,000 Inventories 2,600,000 2,200,000 Plant assets (net) 7,000,000 6,500,000 Accounts payable 1,100,000 800,000 Income taxes payable 200,000 100,000 Bonds payable 1,400,000 1,400,000 10% Preferred stock, $50 par 2,000,000 2,000,000 Common stock, $10 par 2,400,000 1,800,000 Paid-in capital in excess of par 1,600,000 1,300,000 Retained earnings 4,000,000 3,500,000 Net credit sales 12,800,000 Cost of goods sold 8,400,000 Operating expenses 2,900,000 Net income 1,500,000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1,220,000. On May 1, 2021, 6 of common stock were issued. The preferred stock is cumulative. The preferred dividends were not de 2021. The following data are provided: December 31 2021 2020 Cash $ 1,500,000 $ 1,000,000 Accounts receivable (net) 1,600,000 1,600,000 Inventories 2,600,000 2,200,000 Plant assets (net) 7,000,000 6,500,000 Accounts payable 1,100,000 800,000 Income taxes payable 200,000 100,000 Bonds payable 1,400,000 1,400,000 10% Preferred stock, $50 par 2,000,000 2,000,000 Common stock, $10 par 2,400,000 1,800,000 Paid-in capital in excess of par 1,600,000 1,300,000 Retained earnings 4,000,000 3,500,000 Net credit sales 12,800,000 Cost of goods sold 8,400,000 Operating expenses 2,900,000 Net income 1,500,000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1,220,000. On May 1, 2021, 6 of common stock were issued. The preferred stock is cumulative. The preferred dividends were not de 2021