Use this information for Train Corporation to answer the question that follow. The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31:   Rails Division Locomotive Division Corporate Total Cost of goods sold $ 47,200 $30,720   Direct operating expenses 27,200 20,040   Sales 108,000 78,000   Interest expense     $ 2,040 General overhead     18,160 Income tax     4,700 The net income for Train Corporation is

Please answer all 3 parts accordingly:   Joyner Company’s income statement for Year 2 follows:   Sales $ 709,000 Cost of goods sold 76,000 Gross margin 633,000 Selling and administrative expenses 150,800 Net operating income 482,200 Nonoperating items:   Gain on sale of equipment 5,000 Income before taxes 487,200 Income taxes 146,160 Net income $ 341,040   Its balance sheet amounts at the end of Years 1 and 2 are as follows:     Year 2 Year 1 Assets     Cash $ 313,940 $ 57,200 Accounts receivable 222,000 143,000 Inventory 319,000 279,000 Prepaid expenses 11,000 22,000 Total current assets 865,940 501,200 Property, plant, and equipment 640,000 508,000 Less accumulated depreciation 165,400 130,900 Net property, plant, and equipment 474,600 377,100 Loan to Hymans Company 48,000 0 Total assets $ 1,388,540 $ 878,300 Liabilities and Stockholders' Equity     Accounts payable $ 315,000 $ 254,000 Accrued liabilities 43,000 51,000 Income…

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