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Swifty Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $848,000 Operating expenses (excluding depreciation) $626,000
Swifty Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $848,000 Operating expenses (excluding depreciation) $626,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 712,000 Income before income taxes 136,000 Income tax expense 41,000 Net income $95,000 Swifty's balance sheet contained the following comparative data at December 31. 2020 2019
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