The income statement of Teal Mountain Inc. is presented here. Teal Mountain Inc. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,663,600 Cost of goods sold Beginning inventory $1,878,300 Purchases 4,387,900 Goods available for sale 6,266,200 Ending inventory 1,575,000 Total cost of goods sold 4,691,200 Gross profit 2,972,400 Operating expenses Selling expenses 454,100 Administrative expenses 699,100 1,153,200 Net income $1,819,200 Additional information: 1. 2. 3. Accounts receivable decreased $386,900 during the year, and inventory decreased $303,300. Prepaid expenses increased $148,000 during the year. Accounts payable to suppliers of merchandise decreased $348,300 during the year. Accrued expenses payable decreased $98,000 during the year. Administrative expenses include depreciation expense of $112,000. 4. 5. Teal Mountain Inc. Partial Statement of Cash Flows Adjustments to reconcile net income to $