Check my work Instant Brake Inc.'s comparative balance sheet information at December 31, 2020 and 2019, and its income statement for the year ended December 31, 2020, are as follows: Instant Brake Inc. Income Statement December 31, 2020 Sales $881,000 Cost of goods sold 570,000 Gross profit $311,000 Operating expenses $132,660 Depreciation expense 41,220 173,880 Operating Profit 137,120 es Loss on sale of equipment 12,700 Investment income 19,520 143,940 Profit before taxes 18,000 Income taxes $125,940 Profit Prev 2 of 2 Next L3 6:33 PM 10.0021