NANCE apter 2 Homework Problems Question 5 (of 5) v 3.00 points For December 31, 2012, the balance sheet of Baxter Corporation was as follows: Current Assets Liabilities Cash 27,000 Accounts payable 29,000 Accounts receivable 32,000 Notes payable 37,000 Inventory 42.000 Bonds payable Prepaid expenses 13,700 Fixed Assets Stockholders' Equity Gross plant and equipment $267,000 Preferred stock 37,000 Less: Accumulated depreciation 53,400 Common stock 72,000 Paid-in capital 42,000 Net plant and equipment 44,300 213/600 Retained earnings Total assets $328,300 Total liabilities and stockholders' equity 328,300 Sales for 2013 were $305,000, and the cost of goods sold was 55 percent of sales. Selling and administrative expense was $30,500. Depreciation expense was 10 percent of plant and equipment (gross) at the beginning of the year. Interest expense for the notes payable was 12 percent, while the interest rate on the bonds payable was 14 percent. This interest expense is based on December 31, 2012 balances. The tax rate averaged 30 percent. $3,700 in preferred stock dividends were paid and S3.48 dividends were paid to