The income statement of Sunland Company is shown below SUNLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,850,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $1,920,000 4,410,000 6,330,000 1,600,000 4,730,000 Gross profit Operating expenses 2,120,000 Selling expenses Administrative expenses 450,000 700,000 1,150,000 Net income $970,000 Additional information: 1. Accounts receivable decreased $370,000 during the year 2. Prepaid expenses increased $160,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $250,000 during the year 4. Accrued expenses payable decreased $90,000 during the year. 5. Administrative expenses include depreciation expense of $70,000