Current Attempt in Progress Sheridan Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $836,000 Operating expenses (excluding depreciation) $619,000 Depreciation expense 59,000 Loss on sale of equipment 26,000 704,000 Income before income taxes Income tax expense Net income 132,000 41,000 $91,000 Sheridan's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $39,000 $56,000 Accounts payable 39,000 31,000 Income taxes payable 4,100 8,000 (Accounts payable pertains to operating expenses.)