Below is an income statement for Lawn Products for the year ended December 31, 2020, and a schedule listing the company's current assets and current liabilities at the end of 2019 and 2020: Lawn Products Income Statement For the Year Ended December 31, 2020 Sales Cost of goods sold Gross profit $138.000 57.960 80,040 Operating expenses: Selling & general expenses $10.700 Depreciation expense 2,400 13.100 Operating income 66,940 Loss on sale of land 3,780 Income before income tax 63,160 Income tax expense 12,632 Net income $50,528