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Joyner Company's income statement for Year 2 follows Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: 713,000

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Joyner Company's income statement for Year 2 follows Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: 713,000 173,000 540,000 216,000 324,000 Gain on sale of equipment Income before taxes Income taxes 8,000 332,000 132.800 $199,200 Net inco me

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