Chapter 14 Problems i Saved 6 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: $ 713,000 357,000 356, 000 217,000 139,000 5 points Gain on sale of equipment Income before taxes Income taxes Net income 8,000 147,000 58,800 $ 88,200 eBook Print References 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 $ 17,300 39,800 148,000 283,000 11,00022,000 624,300 492,800 505,000 166, 200 131,400 277,000 319,000 635,000 Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company Total assets Liabilities and Stockholders' Equity Accounts payable 468,8003131000- 48,000 $1,141,100 $866,400 $ 315,000 $268,000