The comparative income statement and balance sheet of Cowan Kitchen Counters, Inc. are shown. Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 Net sales (all on account) $2,570,000 $2,170,000 Cost of goods sold 1,890,000 1,630,000 Gross profit $680,000 $540,000 Operating expenses 310,000 230,000 Other expense (interest) 24,200 24,200 Income tax expense 178,000 104,000 Net income $167,800 $181,800 Cash Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 Government notes Accounts receivable (net) 20-2 20-1 $456,800 $241,000 253,000 253,000 900,000 800,000