Salsedo Corporation's balance sheet and income statement appear below Comparative Balance Sheet Ending Beginning Balance Balance Assets: Cash and cash equivalents... $31 33 Accounts receivable 30 Inventory 53 47 Property, plant and equipment 461 390 Less depreciation Total assets $263 $244 Liabilities and stockholders' equity: $49 Accounts payable 42 Accrued liabilities 16 17 Income taxes payable 90 Bonds payable Common stock Retained eamings Total liabilities and stockholders' equity... $263 $244 Income Statement $634 Sales Cost of goods sold 234 Gross margin. Selling and administrative expense Net operating income Gain on sale of equipment 70 Income before taxes