Q.1 The financial statements for the BestBuy Store Inc. are as follows: Marks 15 INCOME STATEMENT 2019 Sales $800,000 Cost of goods sold 500,000 Gross Profit 300,000 Selling and Operating Expense 213,000 Net Operating Income 87,000 Non-operating items:- Gain on sale of investing 7,000 Loss on sale of equipment (4000) 3,000 Income before taxes 90,000 3 Income Taxes 27,000 Net Income 63,000 During 2019, BestBuy sold some equipment for $20,000 that had cost $40,000 and on which there was accumulated depreciation of $16,000. In addition, the company sold the long-term investment for $10,000 that had cost $3,000 when purchased several years ago. A cash dividend was paid during 2019, and the company repurchased $40,000 of its own stock. BestBuy did not retire any bonds during 2019. Q.1 The financial statements for the BestBuy Store Inc. are as follows: Marks 15 INCOME STATEMENT 2019 Sales $800,000 Cost of goods sold 500,000 Gross Profit 300,000 Selling and Operating Expense 213,000 Net Operating Income 87,000 Non-operating items:- Gain on sale of investing 7,000 Loss on sale of equipment (4000) 3,000 Income before taxes 90,000 3 Income Taxes 27,000 Net Income 63,000 During 2019, BestBuy sold some equipment for $20,000 that had cost $40,000 and on which there was accumulated depreciation of $16,000. In addition, the company sold the long-term investment for $10,000 that had cost $3,000 when purchased several years ago. A cash dividend was paid during 2019, and the company repurchased $40,000 of its own stock. BestBuy did not retire any bonds during 2019