The following income statement and balance sheets for Laser World are provided: Income Statement 31, 2012 Cost of goods sold $2,250,000 1,590,000 2 Gross profit Expenses 660,000 Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense 346,000 69,000 4,200 23,000 55,000 Total expenses 497,200 Net income 162,800 LASER WORLD Balance Sheet December 31 2012 2011 Assets Current assets: $ 130,000 $ 105,000 93,00079,000 170,000 150,000 15,000 15,000 Cash Inventory Long-term assets: 320,000 260,000 440,000 300,000 Land