Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Assets Year 2 Year 1 Current assets: Cash $ 210 $ 310 Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Current liabilities: Accounts payable 340 360 310 280 20 20 880 1,120 970 1,220 $ 2,000 $ 2,190 Liabilities and Stockholders' Equity Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock, $2 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities & stockholders' equity Income Statement For the Year Ended December 31, Year 2 (in thousands of dollars) Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 1,490 940 550 455 95 20 75 23 $ 52 $ 280 $ 310 50 50 40 40 370 400 270 440 640 840 200 200 330 330 830 820 1,360 1,350 $ 2,000 $ 2,190