Required information [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment $ 11 230 195 6 442 429 71 358 32 $832 306 159 Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets 482 507 85 422 26 $ 930 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total 1iabilities and stockholders' equity $ 304 71 72 447 198 645 163 122 285 $ 930 $224 78 64 366 172 538 200 94 294 $832 Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: $752 448 304 218 86 Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income (2) 4 90 25 $ 65