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 Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets $ 180 280 $ 250 300 250 220 20 20 730 790 940 980 $1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities $ 220 50 $ 250 50 Notes payable, short term 40 40 Total current liabilities 310 340 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 2 210 300 520 640 200 200 330 330 620 600 1,150 $ 1,670 1,130 $ 1,770 (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 $1,320 820 500 395 105 20 85 26 5.59 Dividends on common stock during Year 2 totaled $39 thousand. The market price of common stock at the end of Year 2 was $14.40 per share. Required: Compute the following for Year 2: a. Gross margin percentage. (Round your answer to 1 decimal place.) 10 of 10 Navt