Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 $1,550,000 Net sales Expenses $950.000 Cost of goods sold 460,000 Operating expenses Depreciation expense 40.000 30,000 Income tax expense 1,480,000 Total expenses Net income 70,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2018 2017 Decrease (D) $12,000 (l) Cash $92,000 $80,000 Accounts receivable 47,000 54,000 7,000 (D) Inventory 65.000 50.000 15,000 (1) 2,000 3.000 35,000 32.000 4,000 5.000 Prepaid rent 1,000 (D) Accounts payable 3,000 (l) Income tax payable 1,000 (D)