The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 69 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Retained earnings, January 1 $3,071,200 $2,584,300 Net income 720,000 529,300 Total $3,791,200 $3,113,600 Dividends: On preferred stock $9,100 $9,100 On common stock 33,300 33,300 Total dividends $42,400 $42,400 Retained earnings, December 31 $3,748,800 $3,071,200 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Y1 Sales $4,479,280 $4,126,940 Cost of goods sold 1,503,070 1,382,820 Gross profit $2,976,210 $2,744,120 Selling expenses $1,043,780 $1,281,450 Administrative expenses 889,140 752,590 Total operating expenses $1,932,920 $2,034,040 Income from operations $1,043,290 $710,080 Other revenue 54,910 45,320 $1,098,200 $755,400 Other expense (interest) 280,000 154,400 Income before income tax $818,200 $601,000 Income tax expense 98,200 71,700 Net income $720,000 $529,300 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Assets Current assets Cash $785,200 $744,940 Marketable securities 1,188,410 1,234,470 Accounts receivable (net) 781,100 737,300 Inventories 584,000 452,600 Prepaid expenses 148,542 148,990 Total current assets $3,487,252 $3,318,300 Long-term investments 2,076,468 995,123 Property, plant, and equipment (net) 4,200,000 3,780,000 Total assets $9,763,720 $8,093,423 Liabilities Current liabilities $1,124,920 $1,702,223 Long-term liabilities: Mortgage note payable, 8% $1,570,000 $0 Bonds payable, 8% 1,930,000 1,930,000 Total long-term liabilities $3,500,000 $1,930,000 Total liabilities $4,624,920 $3,632,223 Stockholders' Equity Preferred $0.70 stock, $50 par $650,000 $650,000 Common stock, $10 par 740,000 740,000 Retained earnings 3,748,800 3,071,200 Total stockholders' equity $5,138,800 $4,461,200 Total liabilities and stockholders' equity $9,763,720 $8,093,423 Required: