McCloe Corporation's balance sheet and income statement appear below McCloe Corporation Comparative Balance Sheet ng Beginning Balance Balance Assets Current assets 52 40 Cash and cash equivalents Accounts receivable 48 59 Inventor 72 59 172 153 Total current assets Property, plant and equipment 520 490 268 259 Less: accumulated depreciation 231 252 L Net property, plant, and equipment Total assets 35424 35389 Liabilities and stockholders' equity Current liabilities 65 54 Accounts payable Accruedliabilities 38 25 54 Income taxes payable Total current liabilities 157 133 Bonds payabl 113 138 Total liabilities 270 271 Stockholders' equity 43 39 Common stock 11 Retained earnings Total stockholders' equity 154 118 35424 S389 Total liabilities and stockholders' equity Income Statement Sales $524 Cost of goods sold 313 Gross margin 211 150 Selling and administrative expenses 61 Net operating income 12 Gain on sale of plant and equipment 73 Income before taxes 26 Income taxes $47 Net income