Use the below balance sheet and income statement to answer the following questions regarding Hoya's 2015 operations. Hoya Company's Balance Sheet as of December 31, 2015 12/31/15 12/31/14 Cash $ 6,000 $ 7,000 Accounts Receivable 62,000 51,000 Short-term Investments 35,000 18,000 Inventory 45,000 64,000 Equipment 154,000 130,000 (Accumulated Depreciation) (35,000) (25,000) Copyrights 46,000 50,000 Total Assets $ 313,000 $ 295,000 Accounts Payable $ 46,000 $ 40,000 Income Taxes Payable 12,000 10,000 Notes Payable - Short Term 8,000 10,000 Notes Payable - Long Term 60,000 69,000 Common Stock 130,000 130,000 Retained Earnings 57,000 36,000 Total Liabilities & Equity $ 313,000 $ 295,000Haya Company's Income Statement For the Period January 1 - December 31, 2015 Sales 35 338,150 Cost of Goods Sold \"g! Gross Margin 163,150 Operating Expenses ___@@1 Operating Income 43,150 Interest Expense (11.400) Gain on Sale of Equipment ___g,@ Income Before Taxes 33,750 Income Tax Expense \"19$! Net Income H, Additional Information: I Depreciation expense & amortization expense are included in operang expenses. I Equipment was sold during 2015 that had a cost of $20,000 and was 70% depreciated. I There were no asset impairments during 2015. I Accounts payable only relates to Inventory purchases. I The notes are payable to Great Bank. I No copyrights were purchased or sold during 2015. I The rm reports under US GAAP