Year 2 Year 1 Current Assets: Cash And Marketable Securities $ 180 $ 170 Accounts Receivable, $ 140 $ 120 Inventory $ 160 $ 180 Prepaid Expenses $ 50 $ 40 Total Current Assets $ 530 $ 510 Noncurrent Assets: Plant & Equipment, Net $1,370 $1,370 Total Assets $1,900 $1,880 Current Liabilities: Accounts Payable $ 150 $ 190 Accrued Liabilities $ 70 80 Notes Payable, Short Term $ 140 $ 150 Total Current Liabilities $ 360 $ 420 Noncurrent Liabilities: Bonds Payable $ 280 $ 300 Total Liabilities $ 640 $ 720 Shareholders' Equity: Preferred Shares, $20 Par, 10% $ 100 $ 100 Common Shares, $10 Par $ 240 $ 240 Additional Paid-In Capital-Common Shares $ 180 $ 180 Retained Earnings $ 740 $ 640 Total Shareholders' Equity $1,260 $1,160 Total Liabilities & Shareholders' Equity $1,900 $1,880Westside Company Income Statement For the Year Ended December 31, Year 2 (dollars in thousands) Sales (All on Account) $2,250 Cost of Goods Sold $1,570 Gross Margin $ 680 Operating Expenses $ 270 Net Operating Income $ 410 Interest Expense $ 30 Net Income before Taxes $ 380 Income Taxes (3096) $ 114 Net Income $ 266