Waterway Industries Balance Sheet December 31, 2021 Assets Equities Cash $290000 Accounts payable $628000 Accounts receivable (net) 1946000 Income taxes payable 193000 Inventories 2431000 225000 Miscellaneous accrued payables Plant and equipment, 1900000 Bonds payable (8%, due 2023) net of depreciation 1986000 Preferred stock ($100 par, 6% Patents 258000 700000 cumulative nonparticipating) Other intangible assets 73500 Common stock (no par, 60,000 Total Assets $6984500 shares authorized, issued and outstanding) 1120000 Retained earnings 2447500 Treasury stock-1500 shares of preferred (229000) Total Equities $6984500 Waterway Industries Income Statement Year Ended December 31, 2021 Cost of goods sold 5600000 Gross profit 3400000 Operating expenses (including bond interest expense) 1600000 Income before income taxes 1800000 Income tax 450000 Net income 1350000 Additional information: There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021. and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared. The rate of return for 2021 based on the year-end common stockholders' equity was Net income $ $ 1350000 Additional information: There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inven January 1, 2021, and there were no changes in the Bonds Payable, Preferred Stock, or Commor that preferred dividends for the current year have not been declared. The rate of return for 2021 based on the year-end common stockholders' equity was O 1308 + 3568. O 1350 +3526. O 1308-3526. 1350 + 3568. e Textbook and Media