Notes: The company paid cash dividends during 2020. The company did not make a notes payable payment during The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Elizabeth Hotels Income Statement For the Year Ended December 31, 2020 Revenue Cost of Sales Gross Profit Operating Expenses Depreciation Expense Other Operating Expenses Total Operating Expenses Income from Operations Other Income and Expenses Interest Expense Loss on Sale of Equipment Gain on Sale of Land Operating Income before Tax Income Tax Net Income (Loss) e to search H $402,000 $261,300 $140,700 $6,000 $29,600 $35,600 $105,100 $-7,600 $-5,300 $5,400 $97,600 $29,280 $68,320