The following data were taken from the financial statements of Loveseth Inc. for the current fiscal year. Property, plant, and equipment (net) Liabilities: Current liabilities Note payable, 6%, due in 15 years Total liabilities Stockholders' equity: Preferred $2 stock, $100 par (no change during year) Common stock, $10 par (no change during year) $1,494,400 $188,000 934,000 $1,122,000 $1,683,000 1,683,000 Retained earnings: Balance, beginning of year Net income Preferred dividends Common dividends Balance, end of year Total stockholders' equity Sales Interest expense H $1,796,000 609,000 $2,405,000 $33,660 127,340 161,000 2,244,000 $5,610,000 $39,381,000 $56,040