Joe Schreiner, controller for Monty Company Inc., recently prepared the company's income statement and statement of changes in equity for 2020. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting. MONTY COMPANY INC. Income Statement For the Year Ended December 31, 2020 Sales revenues Cost of goods sold Gross profit Selling expenses Administrative expenses Income before income tax Other revenues and gains Unrealized gain on FV-OCI equity investments Dividend revenue Income tax expense Net income $ 361,000 197,000 164,000 41,440 30,000 71,440 92,560 33,100 37,100 162,760 48,828 $ 113,932