The following data is given:

December 31, Cash Accounts receivable (net) Inventories Plant assets (net) 2015 $66,500 90,000 90,000 380,000 2014 $48,500 59,500 119,000 325,000 Accounts payable Salaries and wages payable Bonds payable 8% Preferred stock, $40 par Common stock, $10 par Paid-in capital in excess of par Retained earnings 55,500 10,500 72,000 100,000 120,000 75,000 193,500 40,000 4,500 70,000 100,000 90,000 65,000 182,500 Net credit sales Cost of goods sold Net income 955,000 700,000 80,000