Refer to the partial financial statements below:

Swasey Company

Partial Comparative Balance Sheets

At December $31,20$X$1$ and $20$X$2$

$1$

$201,202$

$2$ Current Assets

$3$ Accounts receivable $1,500,000\mathrm{.}001,165,000\mathrm{.}00$

$4$ Inventories

$600,000\mathrm{.}00,640,000\mathrm{.}00$

$5$ Current liabilities

$6$ Wages payable $,1,400,000\mathrm{.}001,030,000\mathrm{.}00$

Swasey Company

Income Statement

For the Year Ended December $31,20$X$2$

$1$ Revenues

$6,000,000\mathrm{.}00$

$2$ Gain on sale of equipment $200,000\mathrm{.}00$

$3$ Cost of goods sold

$(3,840,000\mathrm{.}00)$

$4$ Depreciation expense

$(540,000\mathrm{.}00)$

$5$ Interest expense

$(20,000\mathrm{.}00)$

$6$ Net income

$$1,800,000\mathrm{.}00$