- The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc Income Statement For the Year Ended December 31, 2019 per 31, 2019 Revenues Gain on sale of land IN Total revenues $300,000 MALAYALEELEL 10,000 310,000 Revenues Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses 120000 120,000 25.000 47,000 16,000 .000 9.000 0 220,000 $90,000 Track Inc Balance Sheet For the Year Ended December 31, 2019 2019 2018 Assets Current Assets: Cash Accounts receivable Inventory Prepaid rent Long-Term Assets: Investment in stock $363,000 83,000 121,000 $187,000 95,000 138,000 5,000 7,000 Land 186,000 170,000 305,000 -147,000 $1,088,000 100,000 260,000 225,000 - 100,000 $910,000 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 $40,000 1,000 12,000 $58,000 2,000 10,000 285,000 205,000 400.000 250.000 - The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc Income Statement For the Year Ended December 31, 2019 per 31, 2019 Revenues Gain on sale of land IN Total revenues $300,000 MALAYALEELEL 10,000 310,000 Revenues Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses 120000 120,000 25.000 47,000 16,000 .000 9.000 0 220,000 $90,000 Track Inc Balance Sheet For the Year Ended December 31, 2019 2019 2018 Assets Current Assets: Cash Accounts receivable Inventory Prepaid rent Long-Term Assets: Investment in stock $363,000 83,000 121,000 $187,000 95,000 138,000 5,000 7,000 Land 186,000 170,000 305,000 -147,000 $1,088,000 100,000 260,000 225,000 - 100,000 $910,000 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 $40,000 1,000 12,000 $58,000 2,000 10,000 285,000 205,000 400.000 250.000