Sarasota Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $837,000 Operating expenses (excluding depreciation) $621,000 Depreciation expense 60,000 Loss on sale of equipment 25,000 706,000 Income before income taxes Income tax expense Net income 131,000 40,000 $91,000 Sarasota's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $36,000 $55,000 Accounts payable 42,000 31,000 Income taxes payable 4,000 8,200 (Accounts payable pertains to operating expenses.)