Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below.

$\backslash$table$[[$Selected Balance Sheet Accounts$],[,$Prior Year,Current Year$],[$Accounts Receivable,$$24,000,16,000],[$Inventory$,32,000,35,200],[$Prepaid Rent,$1,600,0],[$Accounts Payable,$17,600,22,400],[$Salaries and Wages,$3,200,4,800],[$Payable$,,]]$

$\backslash$table$[[$Income Statement$],[$Sales Revenue,$],[$Expenses:$,480,000],[$Cost of Goods Sold,$288,000],[$Depreciation Expense,$32,000],[$Salaries Expense,$48,000],[$Rent Expense,$19,200],[$Insurance Expense,$19,200],[$Interest Expense,$17,600],[$Utilities Expense,$16,000],[$Net Income,$$40,000$