The following income statement and information about changes in noncash current assets and current liabilities are reported. 1,588,000 778,120 809,880 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 217,556 Depreciation expense 38,112 Rent expense 42,876 Amortization expenses-Patents 4,764 Utilities expense 17,468 Gain on sale of equipment Net income 320,776 489, 104 6,352 495, 456 Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable Inventory $ 24,000 increase 19,375 increase Accounts payable Salaries payable $ 12,175 decrease 2,950 decrease Required: The following income statement and information about changes in noncash current assets and current liabilities are reported. 1,588,000 778,120 809,880 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 217,556 Depreciation expense 38,112 Rent expense 42,876 Amortization expenses-Patents 4,764 Utilities expense 17,468 Gain on sale of equipment Net income 320,776 489, 104 6,352 495, 456 Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable Inventory $ 24,000 increase 19,375 increase Accounts payable Salaries payable $ 12,175 decrease 2,950 decrease Required