The Harrison Bicycle Company had the following operating results for 2021-2022. In addition, the company paid dividends in both 2021 and 2022 of $673,900 per year and made capital expenditures in both years of $230,000 per year. The company's stock price in 2021 was $14.20 and $12.50 in 2022. Also in 2022, the industry average earnings multiple for the bicycle industry was 8 and the free cash flow and sales multiples were 16 and 1.35, respectively. The company is publicly owned and has 1,300,000 shares of outstanding stock at the end of 2022. Balance Sheet, December 31, 2022 2021 Cash $ 270,000 $ 103,000 Accounts Receivable $ 528,000 $ 403,000 Inventory $ 453,000 $ 303,000 Total Current Assets $ 1,251,000 Long-lived Assets Total Assets Current Liabilities Long-term Debt Shareholder Equity Total Debt and Equity 1,220,000 $ 2,471,000 $ 503,000 630,000 1,338,000 $ 2,471,000 Income Statement, for year ended December 31, Sales Cost of Sales Gross Margin Operating Expenses Operating Income Taxes 2022 $ 6,265,000 4,636,100 1,628,900 520,000 1,108,900 2021 $ 809,000 1,115,000 $ 1,924,000 $ 303,000 530,000 1,091,000 $ 1,924,000 $ 5,350,000 4,440,000 910,000 460,000 450,000 188,000 199,000 Net Income $ 920,900 $ 251,000 Cash Flow From Operations Net Income 2022 2021 Plus Depreciation Expense + Decrease (-increase) in Account Receivable and Inventory + Increase (-decrease) in Current Liabilities Cash Flow from Operations $ 920,900 125,000 (275,000) 200,000 $ 970,900 $ 251,000 125,000 0 $ 376,000 The gross margin percentage for 2022 is (rounded): Multiple Choice 19.1% 20.0% 21.5% 26.0% 23.0%