Sales ####### Cost of goods sold ####### Gross profit 297.000 Operating expenses Salaries and wages expense -100,000 Rent expense -27,000 Depreciation expense -45.000 -172 000 Operating income 125,000 Interest expense -8,000 Loss on sale of property. plant and equipment -5.000 Net income before tax 112,000 Income tax expense -45000 Net income 67.000 Sama Co. Balance Sheet As at ended December 31, 2020 Assets 2020 2019 Current assets Cash 99,000 $51,000 Accounts receivable 53,000 39,000 Inventory 101,000 118,000 Prepaid insurance 6.000 Total current assets 259,000 217.000 Long Term Assets Property, plant and equipment 420,000 350,000 Accumulated depreciation -150.000 -125.000 Total Long Term Assets 270 000 225 000 Total Assets 529.000 442.000 Liabilities Current Liabilities Accounts payable 51,000 $56,000 nterest payable 0 $4,000 Unearned revenue 20 000| $10 000 Total Current Liabilities 71,000 70,000 Long-term Debt 0 150.000 Total Liabilities 71,000 220,000 Shareholders' Equity Common shares 415.000 200,000 Retained earnings 43.0010 22.000 Total Shareholders' Equity 458.000 222.000 Total Liabilities and Shareholders' Equity 529.000 442.000 Other Information The balance of long term debt was repaid by issuing common shares in 2020. The cost of the property, plant and equipment sold during the year was