Cheyenne Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) $626,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $836,000 60,000 26,000 712,000 124,000 40,000 $84,000 Cheyenne's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $38,000 $53,000 Accounts payable 41.000 30.000