The following income statement and balance sheets for Laser World are provided: 1.03.17 LASER WORLD Income Statement For the year-ended December 31, 2021 Sales revenue $2,200,000 Cost of goods sold 1,500,000 Gross profit 700,000 Expenses: Operating expenses 350,000 Depreciation expense 70,000 Loss on sale of land 5,000 Interest expense 25,000 Income tax expense 60,000 Total expenses 510,000 Net income $ 190,000 ped LASER WORLD Balance Sheets December 31 2021 2020 $120,000 90,000 120,000 10,000 $112,800 70,000 180,000 10,000 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings. Total liabilities and equity 260,000 350,000 (70,000) $880,000 200,000 210,000 (42,000) $660,000 $ 55,000 8,000 15,000 $ 75,000 7, 12,000 400,000 300,000 200,000 200, ee 282,0066,000 5880,000 $660,000