Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the years ended December 31 2019 2018 $11,380,000 $9,850,000 7,430,000 6,100,000 Net sales Cost of goods sold Gross profit 3,950,000 3,750,000 Expenses Operating expenses Depreciation expense Interest expense Income tax expense 200,000 47,000 484,000 670,000 1,620,000 200,000 47,000 420,000 Total expenses 2,401,000 2,287,000 Net income $1,549,000 $1,463,000 THE ATHLETIC ATTIC Balance Sheets December 31 2019 2018 2017 Assets Current assets: $ 232,000 Cash Accounts receivable Inventory Supplies 161,000 218,000 767,000 000 1,032,000 82,000 997,000 747000 1,732,000 1,362 137,000 07,000 Long-term assets: Equipment Less: Accumulated depreciation 1,380,000 1,380,000 1380,000 (670,000) 470,000) (270,000) Total assets $3,808,000 $3,287,000 $3,209,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable $ 195,300 126,000 $108,300 4,700 37,000 4,700 0 47000 570,000 670,000 42,000 570,000 670,000 Long-term liabilities: Notes payable 570,000 Stockholders' equity: 670,000 1,819,000 Common stock Retained earnings 2,321,000 1,879,000 Total liabilities and stockholders' equity $3,808,000 $3,287,000 $%3,209,000