The income statement for Telenor contains the following condensed information. ICI Pakistan

Income statement

For the year ended December 31,2020

Revenues $6,583,000

Operating expenses, excluding depreciation $5720,000

Depreciation expense (80,000) 5,800,000

Income before income taxes 783,000

Income tax expense 353,000

Net income $430,000

The following balances are reported on ICIs comparative balance sheet at December,31.

2020 2019

CASH 742,000 630,000

ACCOUNT RECEIVABLE 775,000 610,000

INVENTORIES 834,000 867,000

ACCOUNT PAYABLE 521,000 501,000

ACCURED EXPENSES 180,000 340,000

Additional information

Included in operating expenses is $24,000 loss resulting from the sale of machinery for $270,000 cash.

Equipment was purchased at cost of $750,000 for cash.

Provided cash loan to customer for $350,000.

Dividends declared and paid in 2020 totaled $200,000.

Issued shares for $900,000 out of which $200,000 in exchange of bought building balance for cash.

Issued 10 years 8% Bonds of $850,000 for cash.

Paid long term notes payable from bank loan of $670,000.

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