Question 13 of 15 < > -/20 Buffalo Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $841,000 Operating expenses (excluding depreciation) $624,000 Depreciation expense 59,000 Loss on sale of equipment 25,000 708,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 December 31