The income statement for Ivanhoe, Inc. is as follows: IVANHOE, INC. Income Statement For the Year Ended December 31, 2021 Sales revenue $412,000 Cost of goods sold 254,000 Gross profit 158,000 Expenses (including $14,000 interest and $27,200 income taxes) 104,000 Net income $54,000 Additional information: 1. Common stock outstanding January 1, 2021 was 34,000 shares and 44,000 shares were outstanding at December 31, 2021 2. The market price of Ivanhoe, Inc., stock was $16 in 2021. 3. Cash dividends of $16,200 were paid, $4,860 of which were to preferred stockholders.