Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 500,000 shares of common stock were outstanding. The interest rate on the bonds, which were sold at their face value, was 10%. The income tax rate was 40% and the dividend per share of common stock was $0.40 this year. The market value of the company's common stock at the end of the year was $30. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash $ 1,090 Accounts receivable, net Inventory Prepaid expenses 9,200 12,500 740 $ 1,320 7,500 11,800 540 Total current assets 23,530 21,160 Property and equipment: Land 9,200 44,083 9,200 39,201 Buildings and equipment, net Total property and equipment 53,283 48,401 Total assets $76,813 $69,561 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities $19,400 1,080 270 $18,500 840 Notes payable, short term 270 Total current liabilities 20,750 19,610 Long-term liabilities: Bonds payable 9,400 9,400 Total liabilities 30,150 29,010 Stockholders' equity: Common stock Additional paid-in capital 500 500 4,000 4,000 Total paid-in capital Retained earnings 4,500 42,163 4,500 36,051 Total stockholders' equity 46,663 40,551 Total liabilities and stockholders' equity $76,813 $69,561 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year $74,315 44,955 Sales $64,000 Cost of goods sold 36,000 Gross margin 29,360 28,000 Selling and administrative expenses: Selling expenses Administrative expenses 11,200 6,700 10,800 6,200 Total selling and administrative expenses 17,900 17,000 Net operating income Interest expense 11,460 940 11,000 940 10,520 4,208 Net income before taxes 10,060 4,024 Income taxes Net income 6,312 200 6,036 625 Dividends to common stockholders Net income added to retained earnings Beginning retained earnings 6,112 36,051 5,411 30,640 Ending retained earnings $42,163 $36,051