PPH Accumulated depreciation of PPE Copyrights 2020 $430,000 (170,000) 43,000 2019 $195,000 (155,000) $1,000 Receivables laventory Prepaid expense Cash 22,000 12,000 65,000 72,000 70,000 52,000 172.000 $634,000 21.000 $505,000 Capital preferred shares $42,000 23,000 Promium on preferred shares 150,000 160,000 Common stock 96,000 56,000 Retamed earnings 45,000 34,000 Bond payable Accounts payable 57,000 65,000 45,000 Accrued liabilities 179.000 187.000 $634,000 $505,000 The income statement for 2020 is as follows: Net sales Cost of goods sold Gross profit Operating expenses Net income $850,000 582.000 268,000 170.000 $98.000