Condensed financial data of Larkspur Company for 2020 and 2019 are presented below. Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings \begin{tabular}{rr} $1,190 & $900 \\ 210 & 260 \\ 1,400 & 1,580 \\ 1,880 & 1,720 \\ 2,480 & 1,850 \\ \hline$7,160 & $6,310 \\ \hline \end{tabular} LARKSPUR COMPANY INCOMESTATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross margin $7,0004,7102,290 SellingandadministrativeexpensesIncomefromoperations9401,350 Other revenues and gains Gain on sale of investments Income before tax 1,43080 Income tax expense Net income 890540 Condensed financial data of Larkspur Company for 2020 and 2019 are presented below. Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings \begin{tabular}{rr} $1,190 & $900 \\ 210 & 260 \\ 1,400 & 1,580 \\ 1,880 & 1,720 \\ 2,480 & 1,850 \\ \hline$7,160 & $6,310 \\ \hline \end{tabular} LARKSPUR COMPANY INCOMESTATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross margin $7,0004,7102,290 SellingandadministrativeexpensesIncomefromoperations9401,350 Other revenues and gains Gain on sale of investments Income before tax 1,43080 Income tax expense Net income 890540