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) Year 2 Year 1 Assets Current assets : Cash $ 230 $ 350 Accounts receivable, net 380 400 Inventory 350 320 Prepaid expenses 20 20 Total current assets 980 1 , 090 Plant and equipment, net 1, 240 1, 380 Total assets $ 2,220 $ 2, 470 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 320 $ 350 Accrued liabilities 50 50 Notes payable, short term 40 40 Total current liabilities 410 440 Bonds payable 310 540 Total liabilities 720 980 Stockholders' equity: Common stock, $2 par value 200 200 Additional paid-in capital 330 330 Retained earnings 370 960 Total stockholders' equity 1, 500 1, 490 Total liabilities & stockholders' equity $ 2, 220 $ 2, 470 Income Statement For the Year Ended December 31, Year 2 (in thousands of dollars) Sales (all on account) $ 1, 580 Cost of goods sold 1, 010 Gross margin 570 Selling and administrative expense 495 Net operating income 75 Interest expense 20 Net income before taxes 55 Income taxes (308) 17 Net income $ 38 Dividends on common stock during Year 2 totaled $28 thousand. The market price of common stock at the end of Year 2 was $8.10 per share