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The following data are provided: December 31 2021 2020 Cash $ 1700000 $ 1005000 Accounts receivable (net) 1550000 1250000 Inventories 2550000 2100000 Plant assets (net)

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The following data are provided: December 31 2021 2020 Cash $ 1700000 $ 1005000 Accounts receivable (net) 1550000 1250000 Inventories 2550000 2100000 Plant assets (net) 7500000 6600000 Accounts payable 1150000 815000 Income taxes payable 215000 90000 Bonds payable 1350000 1350000 2100000 2100000 10% Preferred stock, $50 par Common stock, $10 par 2500000 1850000 1700000 1300000 Paid-in capital in excess of par Retained earnings 4000000 3400000 Net credit sales 12800000 Cost of goods sold 8600000 Operating expenses 2850000 Net income 1550000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1240000. On May 1, 2021, 65000 were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The inventory turnover for 2021 is O 12800 - 2325. O 8600 - 2550. O 12800 - 2550. O 8600 - 2325

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