The following comparative statement of financial portion for Dubai Co. is geen for the financial periode 201 202 2020 $430.000 2019 $395.000 Accumulated depreciation of PPE (70,000) (155,000) Copyryches 45,000 18.000 22,000 12,000 Inventory 45.000 72.000 Prepaid expenses 70,000 $2,000 Cash 172.000 71.000 $634,000 $595,000 Capital preferred shares $42,000 23,000 Premium on preferred shares 150,000 160,000 Common stock 96,000 56,000 Retained earnings 45,000 34,000 Bond payable 57,000 Accounts payable 65,000 45,000 Accrued liabilities 179.000 187.000 $634,000 $505,000 The income statement for 2020 is as follows: Net sales Cost of goods sold Gross profit $850,000 582.000 268,000