Instant Brake Inc.'s comparative balance sheet Information at December 31, 2020 and 2019, and its income statement for the yea ended December 31, 2020, are as follows: Instant Brake Inc. Income Statemet December 31, 2020 Sales 8884,000 Cost of goods sold 574.000 Gross profit $310,000 Operating expenses $132,700 Depreciation expense 41,240 173.960 Operating Profi 136,040 Loss on sale of equipment 10,430 Investment Incone 17,526 Profit before taxes 143,136 Income taxes 30,000 Profit $113,138 Instant Brake Ine Balance Sheet Information December 31 2020 2019 Net Change Cash $ 46,000 $24,560 $21,440 Cash equivalente 23,200 9,200 14,000 Accounts receivable 87,920 35,440 52,480 Investory 113,840 81,520 32,320 Investment 23,200 23,2801 Land 76,400 76,400 building and equipment 428,660 446,100 (17,520) Accumulated depreciation 116,050 94,960 21,090 Accounts payable 13,730 37,400 (23,670) Dividends payable 1,200 800 400 Bonds payable 22,000 22,000 Preferred shares 81,200 81,200 Common shares 405,680 405,680 Retained earninge 136,240 76,540 59,700