Question 14 of 15 < > Current Altemps in progress -/20 E Waterway Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) $622,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $843,000 60,000 26,000 708,000 135,000 40,000 $95,000 Waterway's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $36,000 $55,000 Accounts payable 43,000 33,000 Income taxes payable 4,200 8,200