joyner Companys income statement for year 2 follow sale

Joyner Company's income statement for Year 2 follows: $799,000 130,000 579,000 150,600 428, 400 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income 9,000 437, 400 131,220 $306,180 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 $ 292,980 228,000 318,000 10,500 849, 480 640,000 166,600 473,400 47,000 $1,369,880 $ 42,800 148,000 282,000 21,000 493,800 510,000 131,400 378,600 $872,400 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total Liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 317,000 47.000 85,300 449,300 207,000 656,300 350,000 363,580 713,580 $1,369,880 $266,000 53,000 81,400 400, 400 106,000 506,400 275,000 91,000 366,000 $872,400 Me Graw HAI