Condensed financial data of Oakley Company appear below. OAKLEY COMPANY Comparative Balance Sheets December 31 Assets Cash

Condensed financial data of Oakley Company appear below.

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OAKLEY COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Investments Equipment Accumulated depreciation eqipment 2019 S 82,700 90,800 126,900 84,500 255,000 (49,500) $590,400 2018 47,250 57,000 102,650 87,000 205,000 (40,000) $458,900 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings s57,700 12,100 100,000 250,000 170,600 $590,400 S 48,280 18,830 70,000 200,000 121,790 $458,900 OAKLEY COMPANY Income Statement For the Year Ended December 31, 2019 Sales revenue Gain on disposal of plant assets $297,500 8,750 06,250 Less: Cost of goods sold Operating expenses (excluding $99,460 depreciation expense) Depreciation expense Income tax expense Interest expense 14,670 49,700 7,270 2,940 174,040 $132,210 Net income