Wiley Company reported the following information for the current year ended December 31, 2019: Net income Loss on disposal of equipment Depreciation expense $535,000 45,000 60,000 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $ (9,000) Inventory 6,000 Prepaid insurance (2,000) Accounts payable (7,000) Income taxes payable 2,000