$1,828,000 91,000 637,000 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expenses-Patents 4,200 Utilities expense 18, 125 Gain on sale of equipment Net income 361,660 475,340 6,200 481,540 Accounts receivable Inventory $30,500 increase 25,000 increase Accounts payable Salaries payable $12,500 3,500