Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below. Selected Balance Sheet Accounts Accounts Receivable Merchandise Inventory Prepaid Rent Accounts Payable Salaries and Wages Payable Income Statement Sales Revenue $390,000 Expenses: Cost of Goods Sold 228,000 Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income 26,000 39,000 15,600 15,600 14,300 13,000 $ 38,500 Prior Year Current Year $19,200 26,000 $13,000 28,600 1,600 0 14,600 18,800 3,200 4,800