2 apped Seved Rooney Corporation operates three investment centers. The following financial statements apply to the investment center named Bowman Division. DOMMAN DIVISION Income Statement For the Year Ended December 31, Year 2 Sales revenu $107,380 Cost of goods sold 58,975 Gross margin 48.405 Operating expenses Selling expenses (2,730) Depreciation expense (4,035) Operating income Nonoperating item Loss on sale of land Net income $37,740 41,640 (3,900) Assets Cash BOWMAN DIVISION Balance Sheet As of December 31, Year 2 Accounts receivable Merchandise inventory Equipment less accumulated depreciation Nonoperating assets Total assets Liabilities Accounts payable Notes payable stockholders' equity Common stock Retained earnings Total liabilities and stockholder's equity Required $ 12,632 40,316 37,600 90,308 9,500 $190,356 $9.467 63,000 79,000 38,809 $190,356 Help