Problem 12-5A Novak Corp.'s income statement contained the condensed information belovw Novak Corp. Income Statement For the Year Ended December 31, 2017 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,231,900 $779,780 69,850 20,320 869,950 361,950 71,120 $290,830 Novak Corp.'s balance sheet contained the comparative data at December 31 2017 2016 Accounts receivable Accounts payable Income taxes payable $88,900 52,070 16,510 $76,200 40,640 8,890 Accounts payable pertain to operating expenses