Julie's Jewelry Company Income Statement For the Year Ended December 31, 2020 Net Sales $1,530,000 Cost of Goods Sold (696,000) Gross Margin $834,000 Operating Expenses (including Depreciation Expense of $75,000) (255,000) Operating Income $579,000 Interest Expense ($210,000) Interest Income 0 Divided Income 192,000 75,000 Gain on Sale Equipment Loss of Sale of Investment Total Other Income and Expenses (42,000) 15,000 Income Before Income Taxes $594.000 Income Tax Expense (81,000) Net Income $513,000 Julie's Jewelry Company Comparative Balance Sheet December 31, 2020 and 2019 2020 $225,000 Assets Cash 2019 Change $21,000 $204.000