Use the following financial statements and additional information.

Comparative Balance Sheets June 36, 2919 and 2618 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciationEquipment Total assets Liabilities and Equity Accounts payable wages payable Income taxes payable Total current liabilities Notes payable {long term} Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 2319 $ 31,333 33,333 35,333 5,333 233,333 133,333 {43,333} $333,333 $ 23,333 3,333 4,133 43,133 35,333 35,133 253,333 53,333 $333,333 2318 $ 32,233 53,333 33,333 3,433 133,333 135,333 {13,333} $343,333 $ 34,333 23,333 4,333 53,333 33,333 123,333 133,333 33,333 $343,333 Income Statement For Year Ended June 30, 2019 Sales $998, 000 Cost of goods sold 611, 900 Gross profit 387,900 Operating expenses Depreciation expense $83, 000 Other expenses 99,090 Total operating expenses 182, 090 205,900 Other gains (losses) Gain on sale of equipment 6, 100 Income before taxes 211, 100 Income taxes expense 64,620 Net income $146,480