Notes payable (long term) Bonds payable (7) Preferred shares (1) Common shares Retained earnings (5) Knutsford Corporation Income Statement Year Ended December 31, 2020 Revenues Sales revenue Investment income (6) Expenses and losses Cost of goods sold Selling expense (commissions) Operating expenses (4) Salaries expense Interest expense Loss on disposal of equipment Income tax expense 420,000 486,000 1,146,000 3.7571000 314,000 108,000 166,000 104,000 95,000 11,000 96 ooo 995,000 380,000 294 ooo S 3,471.000 999,000