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 $ 937,600 565,200 $ 372,400 Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets $ 25,200 249,800 275,000 $ 97,400 27,600 $ 69,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity $ 81,280 $ 56,200 51,400 272,120 163,400 (80,800) $ 487,400 39,400 260,400 140,200 (55,600) $ 440,600 $ 52,800 19,200 324,000 44,600 Accounts payable Income taxes payable Common shares Retained earnings $ 40,200 20,600 372,000 54,600 Total liabilities and equity $ 487,400 $ 440,600 Additional information regarding LAG Network Inc.'s activities during 2020: