Pina Inc.. a greeting card combanv. had the following statements prepared as of December 31,2020. Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable \begin{tabular}{rrr} $45,500 & $39,800 \\ 4,000 & 6,000 \\ 7,900 & 3,900 \\ 8,000 & 9,900 \\ 60,600 & 69,500 \\ 100,000 & & 100,000 \\ 30,000 & & 30,000 \\ 57,100 & & 34,500 \\ \hline$313,100 & & $293,600 \\ \hline \hline \end{tabular} PINA INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $340,975 Cost of goods sold Gross profit 164,675176,300 Operating expenses Operating income 45,075119,600 Interest expense $11,300 Income tax expense Net income 7,17528,700 Additional information: 1. Dividends in the amount of $6,100 were declared and paid during 2020. 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020