6.5 2 points eBook Print References Joyner Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income. $ 707,000 339,000 368,000 151,900 216,100 5,000 221,100 66,330 $ 154,770 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment. Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company Total assets Liabilities and Stockholders' Equity Accounts payable Accrued Liabilities Tarama svar naushla $146,470 225,000 $ 57,300 148,000 279,000 319,000 9,500 19,000 699,978 503,300 627,000 501,000 165,700 131,400 461,300 369,600 41,000 $ 1,202,270 $315,000 40,000 RA ROD $ 872,900 $ 262,000 58,000 R1 004