I, Inc. follow: SUNLAND, INC. Income Statement Year Ended December 31, 2018 Sales $577,250 Cost of goods sold Gross profit 389,600187,650 Operating expenses Income from operations 273,150116,450 Other revenues and expenses Unrealized gain on held for trading investments $6,500 Interest expense Income before income tax Income tax expense Net income 1. Prepaid expenses and accrued liabilities relate to operating expenses. 2. An unrealized gain on held for trading investments of $6,500 was recorded. 3. New equipment costing $80,000 was purchased for $21,900 cash and a $58,100 long-term bank loan payable. 4. Old equipment having an original cost of $61,500 was sold for $1,100. 5. Accounts payable relate to merchandise creditors. 6. Some of the bank loan was repaid during the year. 7. A dividend was paid during the year. 8. Operating expenses include $47,000 of depreciation expense and a $7,600 loss on disposal of equipment. 000orin payina $21,900 eash and issuing a 559,100 bank loan payable