The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Previous Year Accounts payable $95,000 $150,000 Current maturities of serial bonds payable 200,000 200,000 Serial bonds payable, 10% 1,060,000 1,260,000 Common stock, $1 par value 50,000 70,000 Paid-in capital in excess of par 600,000 600,000 Retained earnings 2,060,000 1,630,000 The income before income tax expense was $289,800 and $253,600 for the current and previous years, respectively.