The statement of income for J. T. Stone Manufacturing Inc. for the years 2020 to 2022 is below.

Determine the missing amounts

Statement of Income (For the year ended August 31)

2022 2021 2020 Sales revenue $500,000 $476,000 $ ? Cost of goods sold 400,000 ? 300,000 Gross profit ? $ 61,000 $ 75,000 Operating expenses Wages expense 37,000 ? 30,000 Rent expense 9,200 9,000 8,500 Utilities expense ? 7,100 6,700 Depreciation expense 6,000 6,000 6,000 Total operating expenses 59,400 57,100 ? Profit from operations ? 3,900 ? Other revenues and expenses Interest revenue 5,000 ? 1,000 Interest expense ? (1,000) (500) Profit before income tax 41,600 5,500 ? Income tax expense 8,320 ? 4,860 Net income $ ? | $ 4,400 $