Great Adventures Problem 12-1 IThe following information applies to the questions displayed below.j Income statement and balance sheet data for Great Adventures, Inc., are provided below GREAT ADVENTURES, INC Income Statement For the Year Ended December 31, 2020 Revenues: $543,000 Service revenue (clinic, racing, TEAM) Sales revenue (MU watches) 118,000 $661,000 Total revenues Expenses 70,000 Cost of goods sold (MU watches) 304,276 Operating expenses 50,000 Depreciation expense Interest expense 29,724 57,000 Income tax expense 511,000 Total expenses $150,000 Net income