The income statement and balance sheets for Worlds of Fun are provided below: WORLDS OF FUN Income Statement For the Year Ended December 31, 2024 Sales revenue $2,427,500 Cost of goods sold 1,520,000 Gross profit 907,500 Expenses: Operating expenses 342,000 Depreciation expense Loss on sale of land 70,000 4,500 Interest expense Income tax expense Total expenses 21,000 50,000 487,500 Net income: $420,000