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

Required

Determine the missing amounts.

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J. T. Stone Manufacturing Inc. Statement of Income For the year ended August 31 2022 2021 2020 Sales revenue $500,000 $476,000 300,000 Cost of goods sold 400,000 $ 61,000 $ 75,000 Gross profit Operating expenses Wages expense 37,000 30,000 Rent expense 9,200 9,000 8,500 7,100 Utilities expense 6,700 6,000 Depreciation expense 6,000 6,000 57,100 Total operating expenses 59,400 Profit from operations 3,900 Other revenues and expenses Interest revenue 5,000 1,000 (500) Interest expense (1,000) 41,600 Profit before income tax 5,500 Income tax expense 8,320 4,860 $ 4,400 Net income