Rewe Company's income statement contained the following condensed information. REWE COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $614,000 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $970,000 55,000 16,000 685,000 285,000 56,000 $229,000 Rewe's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $70,000 $60,000 Accounts payable 41,000 32,000 Income taxes payable 13,000 7,000