Exercise 23-3 The income statement of Oriole Company is shown below ORIOLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,500,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $2,070,000 4,030,000 6,100,000 1,750,000 4,350,000 2,150,000 Gross profit Operating expenses Selling expenses Administrative expenses 420,000 690,000 1,110,000 $1,040,000 Net income Additional information: 1. Accounts receivable decreased $300,000 during the year. 2. Prepaid expenses increased $190,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $270,000 during the year. 4. Accrued expenses payable decreased $140,000 during the year. 5. Administrative expenses include depreciation expense of $60,000