OeCollegel Rutgers a Bookshelf Online:0 ? myRutgers Portal HB Course Internationa Saved mework 2 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: s 712,000 298,000 414,000 218,000 196,000 oints eBook Print References Gain on sale of equipment Income before taxes Income taxes Net income 8,000 204,000 81,600 $ 122,40e Its balance sheet amounts at the end of Years 1 and 2 are as follows Year 2 Year 1 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment $ 7e,30e 80,300 252,000 134,00 318,000 288,000 8,000 16,6e 648,300 635,000 518,300 502,000 Less accumulated depreciation 165,500 138,180 469,500371,900 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 43,000 $1,160, 800 $ 890,200 $ 314,000 $262,000 56,000 81, 200 399,200 192,000 119,000 49,e00 85,200 448,200 Mc Graw Hil