The following income statement and information about changes in noncash current assets and current liabilities are reported SONAD COMPANY Income Statement For Year Ended December 31, 2016 Sales Cost of goods sold Gross profit Operating expenses $ 2,044,000 1,001,560 1,042,440 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $280,028 49,056 55,188 6,132 22,484 412,888 629,552 8,176 $ 637,728 Gain on sale of equipment Net income Changes in current asset and current liability accounts for the year that relate to operations follovw. Accounts receivable Inventory $30,350 increase 32,325 increase Accounts payable Salaries payable $11,450 decrease 1,650 decrease