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6)(12 point) The following income statement and balance sheets for Laser World are provided: Laser World Income Statement For the year-ended December 31,2018 $2,200,000 Sales revenue 100,000 Cost of goods sold 700,000 Gross profit Expenses: 350,000 Operating expenses 70,000 Depreciation expense 5,000 Loss on sale of land 25,000 Interest expense 60,000 Income tax expense 510,000 Total expenses $190,000 Net income Laser World Balance Sheet December 31 2018 2017 Current assets: Cash $120,000 $112,000 90,000 70,000 Accounts receivable 120.000 100,000 Inventory Prepaid rent Long-term assets: 200,000 260,000 350,000 Equipment (70,000) (42,000) Accumulated depreciation $880,000 $660,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable