Exercise 5-3 Fill in the blanks in the following income statements. Identify any losses by putting the amount in parentheses. $40,000 $85,000 $24,000 $? $59,000 $6,200 $5,000 $4,000 24,000 $6,400 14,000 Sales Cost of goods sold: Beginning inventory Purchases Ending inventory Cost of goods sold Gross profit Expenses Net income (loss) (6,000) (5,400) $31,800 $22,700 SP $3,500 16,000 (3,300) $? $22,800 1,300 $21,500 $? $14,000 $? 15,000 6,000 $.? $ 2,500 8,100 $15,600) 21,300 $31,900 $