TB MC Qu. 16-132 (Static) Macmillan Corporation has... 5 Macmilan Corporation has provided the following financial data 10 pomes Year 1 ook $ 120,000 280,000 138,eee 20,000 550,000 760.000 $ 1,310,000 Herences Balance Sheet December 31, Year 2 and Year 1 Year 2 Assets Current assets: Cash $ 156,000 Accounts receivable, net 268,000 Inventory 146,000 Prepaid expenses 20,000 Total current assets 590,000 Plant and equipment, net 792,000 Total assets $ 1,322,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 175,000 Accrued liabilities 46,000 Notes payable, short term 30.000 Total current liabilities 301,000 Bonds payable 190,000 Total liabilities 491,000 Stockholdersequity: Common stock, $5 par value 450,000 Additional paid in capital 70,000 Retained earnings 311,000 Total stockholders' equity 81,000 Total liabilities & stockholders' equity $ 1,322,000 $ 180,000 50,000 80,000 310,000 190,000 500,000 450,000 70,000 290,000 810,000 $1,210,000 Income Statement-Year 2 For the Year Ended December 31, Year 2 Sales (all on account) $ 1,390,000 Cost of goods sold 830,000 5 10 Income Statement-Year 2 For the Year Ended December 31, Year 2 Sales (all on account) $ 1,390,000 Cost of goods sold 330,000 Gross marin 560,000 Operating expenses 500,615 Net operating income 59,385 Interest expense 16,000 Net Income before taxes 43,30 Income taxes (35%) 15,185 Net Income $ 28,200 Dividends on common stock during Year 2 totaled $7.200. The market price of common stock at the end of Year 2 was $3.00 per share The company's working capital at the end of Year 2 is: Miple Choice 5722.000 S81000 $289.000 5500,000