of Help Save Instant Brake Inc.'s comparative balance sheet information at December 31, 2020 and 2019, and its income statement for the year ended December 31, 2020, are as follows: Instant Brake Inc. Income Statement December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Operating Profit Loss on sale of equipment Investment income Profit before taxes Income taxes Profit $132,740 41,300 $877,000 578,000 $299,000 174,040 124,960 - 4,920 12.520 132,560 20,000 $112,560 2020 Cash Cash equivalents Accounts receivable Inventory tastant Brake Inc. et Information December 31 2019 50.000 $25.360 18,280 10,000 3.720 39,440 85.520 18,250 77,200 Net Change 24.640 8,260 49.200 29, 120 18,200) Prev of 4 B o t a t e Search a 7 Instant Brake Inc. Balance Sheet Information December 31 2820 2019 $ 50, $25,360 18,280 10,000 88,720 39,440 114,640 85,520 9 18,280 77,200 77,280 448,269 460, 720 123,089 101,960 17,640 38,289 1.689 800 26,000 0 82.ee 82, eee 406,480 406,480 140, 240 87,080 Cash Cash equivalents Accounts receivable Inventory Investment Land Building and equipment Accumulated depreciation Accounts payable Dividends payable Bonds payable Preferred shares Common shares Retained earnings Net Change $ 24,640 8,280 49,280 29,120 (18,280) (12,520) 21,129 (20,560) 889 26,000 53,160 During 2020, the following transactions occurred: 1. Purchased equipment for $19,400 cash. 2. Sold the investment on January 1, 2020, for $30,800, resulting in investment income of $12.520. 3. Sold equipment for $6,820 cash that had originally cost $31.920 and had $20,180 of accumulated depreciation 4. Issued $26.000 of bonds payable at face value. Other Information: