ICE Drilling Inc.'s balance sheet information and income statement are as follows: ICE Drilling Inc Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold $1,112,400 564,000 Gross profit Operating expenses 548,400 Depreciation expense Other expenses S 46,000 306,560 Total operating expenses Profit from operations Loss on sale of equipment 352,560 195,840 12,280 Profit before taxes Income taxes S 183,560 27,960 Profit $155,600 ICE Drilling Inc Comparative Balance Sheet Information December 31 2017 2016 $124,680 $175,640 149,600 115,160 617,200 569,600 18,000 Cash Accounts receivable Merchandise inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable Current notes payable Notes payable Common shares Retained earnings 12,080 358,080250,400 81,560 102,560 194,240 254,040 18,000 210,000 121,200 454,800 354,000 294,640 279,000 26,400