Joyner Company's income statement for Year 2 follows: 707,000 Sales 341,000 Cost of goods sold 366,000 Gross margin Selling and administrative expenses 216,000 150,000 Net operating income Gain on sale of equipment 9,000 159,000 Income before taxes Income taxes 63,600 Net income 95,400 ts balance sheet amounts at the end of Years 1 and 2 are as follows Year 2 Year 1 Assets 11,100 76,200 Cash Accounts receivable 279,000 139,000 Inventory 318,000 270,000 Prepaid expenses 10,500 21,000 Total current assets 618,600 506.200 Property, plant, and equipment 622,000 510,000 Less accumulated depreciation 165,600 130.500 Net property, plant, and equipment 456,400 379.500 Loan to Hymans Company 49,000 Total assets $1,124,000 885,700