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Joyner Companys income statement for Year 2 follows: Sales Cost of goods sold $ 710,000 90,000 Gross margin Selling and administrative expenses 620,000 216,000 Net operating income Gain on sale of equipment 404,000 7,000 Income before taxes Income taxes 411,000 123,300 Net income $287,700 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash Accounts receivable Inventory Prepaid expenses S 257,700 70,000 259,000 127,000 319,000 272,000 17,000 8,500 Total current assets 844,200 486,000 Property, plant, and equipment 623,000 515,000 165,500 131,000 Les s accumulated depreciation Net property, plant, and equipment 457,500 384,000 Loan to Hymans Company 48,000 Total assets S1,349,700 $ 870,000

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er comm 2.Statement of Cash Flows Indirect Method For Year 2 Operating activities: net income Adjustments to convert net inco

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