Joyner Company's income statement for Year 2 follows: $ 900,000 500,000 400,000 328,000 72,000 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 8,000 80,000 24,000 $ 56,000 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 S 4,000 250,000 310,000 7 000 57:1.000 510,000 132 000 378,000 40,000 $989,000 $ 21,000 170,000 260,000 14.000 465.000 400 000 120.000 280.000 0 $745,000 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 $310,000 20,000 45,000 375,000 190,000 565,000 300,000 124,000 424,000 $989,000 $250,000 30,000 42,000 322,000 70.000 392,000 270 000 83,000 353,000 $745,000 MacBook Air