Net sales Expenses: Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $1,550,000 $950,000 460,000 40,000 30,000 1,480,000 $70,000 PEACH COMPUTER. Selected Balance Sheet Data 'December 31 Increase (I) or 2024 2023 Cash $92,000 $80,000 Decrease (D) $12,000 (I) Accounts receivable 47,000 54,000 7,000 (D) Inventory 65,000 50,000 15,000 (I) Prepaid rent 2,000 3,000 1,000 (D) Accounts payable 35,000 32,000 3,000 (I) Income tax payable 4,000 5,000 1,000 (D)