Garrott Corporation's total assets were $1505,000 at the end of Year 2 and $1,520,000 at the end of Year 1. Its total stockholders' equity was $1,197000 at the end of Year 2 and $1,180,000 at the end of Year 1 Income Statement For the Year Ended December 31, Year 2 Sales (all on account) Cost of goods sold $1,340,000 830,000 Gross margin 510,000 465,143 Operating expenses 44,857 9,000 Net operating income Interest expense Net income before taxes 35,857 (30%) Income taxes 10,757 $25,100 Net income The company's gross margin percentage for Year 2 is closest to