LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit $ 25,200 253,800 LAG Network Inc. Comparative Balance Sheet Information Assets Cash Accounts receivable Merchandise inventory $ 939,600 567,200 $ 372,400 279,000 $ 93,400 29,600 $ 63,800 December 31 2020 2019 $ 81,300 $ 56,600 53,400 39,800 269,100 263,200