Great Adventures Problem 12-1 [The following information applies to the questions displayed below.] 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: Service revenue (clinic, racing, TEAM) Sales revenue (MU watches) $543,000 118,000 Total revenues Expenses: $661,000 Cost of goods sold (MU watches) 70,000 Operating expenses 304,276 Depreciation expense 50,000 Interest expense 29,724 Income tax expense 57,000 Total expenses Net income 511,000 $150,000