8 of 9 View Policies Show Attempt History < Current Attempt in Progress The following list of accounts is from the adjusted trial balance for Grouper Corporation: Accounts payable $136,680 Equipment $963,900 Accounts receivable 190,740 Income tax expense 62,220 Accumulated depreciation-buildings 99.960 Insurance expense 119,340 Accumulated depreciation-equipment 231,540 Inventory 236,640 Advertising expenses 114,240 Land 1,122,000 Buildings 436.560 Loan payable (due in 2 years) 1,989,000 Cash 72,420 Prepaid expenses 29.580 Common shares 234,600 Property tax payable 18.360 Cost of goods sold 1,136,280 Refund liability 21.420 Deferred revenue 32.640 Salaries expense 791,520 Depreciation expense 191,760 Salaries payable 26.520 Sales 2,676,480 (a) Your answer is incorrect. Determine the amount of Grouper's gross profit. Gross profit $ 261120