Tiger Audio declared and paid a cash dividend of $5,525 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Increase (Decrease) in Current (versus Previous) Current Previous Amount Percentage Income Statement Sales Revenue Cost of Goods Sold Gross Profit $222,000 $185,000 127,650 111,000 94,350 74,000 Operating Expenses 39,600 33,730 Interest Expense 4,000 3,270 Income before Income Tax Expense 50,750 37,000 Income Tax Expense (30%) 15,225 11,100 Net Income $ 35,525 $ 25,900 Balance Sheet Cash $ 40,000 $ 38,000 Accounts Receivable, Net 18,500 16,000