Additional information pertaining to 2021 : 1. Net income was $98,100. 2. Sales were $978,000. 3. Cost of goods sold was $756,000. 4. Operating expenses were $46,000, exclusive of depreciation expense. 5. Depreciation expense was $43,000. 6. Interest expense was $19,000. 7. Income tax expense was $21,000. 8. Long-term investments were sold at a gain of $5,100. 9. No equipment was sold during the year. 10. $52,000 of the bank loan was repaid during the year. 11. Common shares were issued for $24,000