LAG Network Inc.'s balance sheet and income statement are as follows: Sales LAG Network Inc. Income Statement For Year Ended December 31, 2020 Cost of goods sold $ 932,600 560,200 $ 372,400 Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets $ 25,200 239,800 265,000 $ 107,400 22,600 $ 84,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable $ 81,230 $ 55,200 46,400 279,670 158,400 (75,800) $ 489,900 $ 35,200 15,600 367,000 72,100 38,400 253,400 139,200 (50,600) $ 435,600 $ 47,800 14,200 331,500 Income taxes payable. Common shares Retained earnings Total liabilities and equity $ 489,900 $ 435,600 42,100 Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $19,200 cash.