The income statement of Sunland Company is shown below. SUNLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,910,000 Cost of goods sold $1,860,000 4,820,000 6,680,000 1,560,000 Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Operating expenses 5,120,000 1,790,000 450,000 710,000 Selling expenses Administrative expenses Net income 1,160,000 $630,000 Additional information: 1. Accounts receivable decreased $340,000 during the year 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $250,000 during the ye 4. Accrued expenses payable decreased $130,000 during the year 5. Administrative expenses include depreciation expense of $60,000