Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, $(1)$ all sales are credit sales, $(2)$ all credits to Accounts Receivable reflect cash receipts from customers, $(3)$ all purchases of inventory are on credit, and $(4)$ all debits to Accounts Payable reflect cash payments for inventory.

$\backslash$table$[[\backslash$table$[[$FORTEN COMPANY$],[$Income Statement$],[$For Current Year Ended December$]],31,,],[$Sales$,,,582,500],[$Cost of goods sold,,,$285,000],[$Gross profit,,,$297,500],[$Operating expenses $($excluding depreciation$),$$$132,400,,],[$Depreciation expense,$20,750,,153,150],[$Other gains $($losses$),,,],[$Loss on sale of equipment,,,$(5,125)$