Exercise 23-3 The income statement of Bridgeport Company is shown below BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $7,410,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $1,880,000 4,360,000 6,240,000 1,500,000 4,740,000 Gross profit Operating expenses 2,670,000 460,000 630,000 Selling expenses 1,090,000 $1,580,000 Administrative expenses Net income Additional information: 1. Accounts receivable decreased $300,000 during the year 2. Prepaid expenses increased $170,000 during the year 3. Accounts payable to suppliers of merchandise decreased $280,000 during the year 4. Accrued expenses payable decreased $130,000 during the year 5. Administrative expenses include depreciation expense of $60,000