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The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Year 2 Year 1 Assets $50,000 Cash Accounts receivable (net) Inventories $ 53,000 37,000 48,000 108,500 Investments Equipment Accumulated depreciation-equipment Total assets 573,200 (142,000) $629,700 100,000 70,000 450,000 (176,000) $542,000 Liabilities and Stockholders' Equity Accounts payable $ 62,500 Bonds payable, due Year 2 Common stock, $10 par 325,000 Pald-in capital in excess of par-common stock B0,000 Retained earnings 162,200 Total liabilities and stockholders' equity $629,700 The income statement for the current year is as follows: $43,800 100,000 285,000 55,000 58,200 $542,000 $625,700 340,000 $285,700 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses Income from operations $ 26,000 68,000 94,000 $191,700 $625,700 340,000 $285,700 $ 26,000 68,000 94,000 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses Income from operations Other income: Gain on sale of investment Other expense: