ICE Drilling Inc.'s balance sheet information and income statement are as follows: ICE Drilling Inc. Income...

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ICE Drilling Inc.'s balance sheet information and income statement are as follows: ICE Drilling Inc. Income Statement For Year Ended December 31, 2023 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Loss on sale of equipment Profit before taxes Income taxes Profit $1,113,200 568,000 $ 545,200 $ 50,000 307,360 ICE Drilling Inc. Comparative Balance Sheet Information 357,360 $ 187,840 13,080 $ 174,760 28,760 $ 146,000 December 31 2023 2022 Cash $ 128,680 $ 179,640 Accounts receivable 153,600 119,160 Merchandise inventory 621,200 573,600 Prepaid expenses 12,120 22,000 Equipment 358,880 254,400 Accumulated depreciation 85,560 106,560 Accounts payable 191,080 246,840 Current notes payable 30,400 22,000 Notes payable 210,000 122,000 Common shares 458,800 358,000 Retained earnings 298,640 293,400 ICE Drilling Inc.'s balance sheet information and income statement are as follows: ICE Drilling Inc. Income Statement For Year Ended December 31, 2023 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Loss on sale of equipment Profit before taxes Income taxes Profit $1,113,200 568,000 $ 545,200 $ 50,000 307,360 ICE Drilling Inc. Comparative Balance Sheet Information 357,360 $ 187,840 13,080 $ 174,760 28,760 $ 146,000 December 31 2023 2022 Cash $ 128,680 $ 179,640 Accounts receivable 153,600 119,160 Merchandise inventory 621,200 573,600 Prepaid expenses 12,120 22,000 Equipment 358,880 254,400 Accumulated depreciation 85,560 106,560 Accounts payable 191,080 246,840 Current notes payable 30,400 22,000 Notes payable 210,000 122,000 Common shares 458,800 358,000 Retained earnings 298,640 293,400