The income statement of Shamrock Company is shown below SHAMROCK COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,610,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $1,910,000 4,530,000 6,440,000 1,630,000 4,810,000 1,800,000 Gross profit Operating expenses 450,000 680,000 Selling expenses 1,130,000 $670,000 Administrative expenses Net income Additional information: 1. Accounts receivable decreased $300,000 during the year. 2. Prepaid expenses increased $180,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $280,000 during the year. 4. Accrued expenses payable decreased $110,000 during the year. 5. Administrative expenses include depreciation expense of $70,000