The income statement, balance sheets, and additional information for Peterson Incorporated are provided.

PETERSON INCORPORATED

Income Statement

For the Year Ended December $31,2024$

Net sales $$2,540,000$

Gain on sale of land $4,000$

Total revenues $2,544,000$

Expenses:

Cost of goods sold $$1,620,000$

Operating expenses $609,000$

Depreciation expense $27,000$

Interest expense $28,000$

Income tax expense $74,000$

Total expenses $2,358,000$

Net income $$186,000$