The following income statement and balance sheets for Laser World are provided: LASER WORLD Income Statement For the year-ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $2,270,000 1,600,000 670,000 348,000 60,000 4,600 25,000 55,000 492,600 Net income Assets Current assets: $ 177,400 LASER WORLD Balance Sheet December 31 2021 2020 Cash Accounts receivable Inventory Prepaid rent $130,000 95,000 $109,000 70,000 190,000 170,000 19,000 19,000 310,000 250,000 310,000 260,000 (72,000) (41,000) $982,000 $837,000 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 59,000 $ 54,000 8,800 15,100 7,800 12,400 400,000 300,000