Exercise 14-13 a-b In 2020, Blossom Corporation had net sales of $590,000 and cost of goods sold of $350,000. Operating expenses were $148,000, and interest expense was $5,000. The corporation’s tax rate is 30%. The corporation declared preferred dividends of $10,000 in 2020, and its average common stockholders’ equity during the year was $150,000.