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A comparative balance sheet for Lomax Company containing data for the last two years is as follows Lomax Company Comparative Balance Sheet This Last Yea Year Assets Current assets: Cash and cash equivalents 82,000 58,800 Accounts receivable 612,000 637,500 Inventory 621,200 431,000 Prepaid expenses 18,800 10,500 Total current assets 1,334,000 1,137,800 Property, plant, and equipment 2,425,000 1,844,000 Less accumulated depreciation 628,200 569,900 Net property, plant, and equipment 1,796,800 1,274,100 Long-term investments 103,100 163,000 Loans to subsidiaries 131,000 75,500 Total assets S 3,364,900 2,650,400 Liabilities and Stockholders' Equity Current abilities 887,600 581,000 Accounts payable Accrued liabilities 31,600 51,900 Income taxes payable 147,300 126,800 Total current liabilities 1.066,500 759,700 Bonds payable 675,000 433,000 Total liabilities 1.741,500 1.192.700 Stockholders' equity: Common stock 1,112,000 1.011.000 Retained earnings 511,400 446,700 Total stockholders' equity 1.623,400 1.457,700 Total liabilities and stockholders' equity S 3,364,900 2,650,400 The following additional information is available about the company's activities during this year: a. The company declared and paid a cash dividend this year. b. Bonds with a principal balance of $391.000 were repaid during this year. Equipment was sold during this year for $75.500. The equipment had cost $152,000 and had $53,200 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for S132,000. These investments had cost $59.900 when purchased several years ago e. The subsidiaries did not repay any outstanding loans during the year. f. Lomax did not repurchase any of its own stock during the yea The company reported net income this year as follows: Sales S 3,220,000 Cost of goods sold 1,996,400 Gross margin .223,600 Selling and administrative expenses 988,300 Net operating income 235,300 Nonoperating items 72,100 Gain on sale of investments 48,800 Loss on sale of equipment 23,300 284,100 Income before taxes Income taxes 91,000 Net income 93,100