Pupply Company Income Statement Year Ended December 31, 2018 Sales Revenue 238,000 nal Cost of Goods Sold 153,000 Gross Profit 85.000 Co uy Operating Expenses: pa Depreciation Expense 14,400 SSC Insurance Expense 12,000 Salaries Expense 42,600 d Other operating expenses 11.100 iss Total operating expenses 80,100 Operating Income 4,900 Other Revenue and Expense Gain on Sale of Land 4.800 Interest Expense (3.500) Total Other Revenue and Expenses 1.300 Income Before Income Tax 6.200 Income Tax Expense Net Income 1,860 4.340 Pupply Company Comparative Balance Sheet December 31, 2018 2018 2017 Assets Cash 47,500 24.300 Account Receivable 21,500 26,000 Prepaid Insurance 2,500 1,800 Inventory 48,000 45,500 Land 20,000 10,000 Plant Assets 230,000 190,000