Question 3 The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 Inventory 61,000 Notes payable 95,000 Unearned revenue 18,000 Accounts payable 49,000 Retained earnings 23,000 Land 80,000 Common stock 38,000 Accounts receivable 53,000 December 31, 2019 36,000 81,000 25,000 53,000 42,000 92,000 77,000 ABC Company's 2019 income statement included sales revenue of $420,000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash flows included the following: Cash paid to purchase inventory ... ... ... ... Cash paid to purchase land ......... Cash received from the sale of land ........ $326,000 $ 98,000 $ 42,000 Calculate the amount of cost of goods sold reported in ABC Company's 2019 income statement