Kearin Corporation has provided the following finandal data: Year 1 Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Current assets: Cash $ 33,000 Accounts receivable, net 281,990 Inventory 122,000 Prepaid expenses 68,000 Total current assets 504,888 Plant and equipment, net 1,016,800 Total assets $1,520,000 $ 180,000 250,000 130,000 80,eee 560,000 980,000 $1,540, eee Liabilities and stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock, $5 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities & stockholders' equity 80,000 31,000 56,eee 167, eee 260,000 427,eee $ 180, eee 30,000 70,000 200, eee 260, eee 460,000 500, eee 70, eee 523,888 1,093, 080 $1,528,888 see, eee 70, eee 510,000 1, ese, eee $1,540, eee Income statement For the Year Ended December 31, Year 2 Sales (all on account) $1,300,eee cost of goods sold 800,000 Gross margin 500,000 Operating expenses 448,692 Net operating income 51,388 Preu R Next For the Year Ended December 31, Year 2 Sales (all on account) $1,300,000 Cost of goods sold 800,000 Gross margin 589,999 Operating expenses 448,692 Net operating income 51,388 Interest expense 19,900 Net income before taxes 32,388 Income taxes (35%) 11,388 Net income 21,eee Dividends on common stock during Year 2 totaled $8.000. The market price of common stock at the end of Year 2 was $202 per share. The company's gross margin percentage for Year 2 is closest to: Multiple Choice 39.59. 238109 4.29 62.59 lavt