The following data are provided: December 31 2021 2020 Cash $ 1400000 $ 1000000 Accounts receivable (net) 1500000 1100000 Inventories 2750000 2250000 Plant assets (net) 8000000 6450000 Accounts payable 1100000 805000 Income taxes payable 185000 105000 Bonds payable 1500000 1500000 2100000 2100000 10% Preferred stock, $50 par Common stock, $10 par 2400000 1900000 1550000 1300000 Paid-in capital in excess of par Retained earnings 4200000 3450000 Net credit sales 12950000 Cost of goods sold 8400000 Operating expenses 2700000 Net income 1450000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1215000. On May 1, 2021, 50000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The profit margin on sales for 2021 is O 1450 - 12950. O 1450 - 8400. O 4500 = 8400. 4500 - 12950