View Policies Current Attempt in Progress Selected information from Cullumber Ltd's statement of financial position and statement of income is as follows: CULLUMBER LTD. Statement of Financial Position (partial) December 31 2021 2020 Current assets Accounts receivable $8,000 $12,400 Inventory 5,400 4,500 Prepaid expenses 4,000 2,200 Current liabilities Accounts payable 3,950 2,600 Income tax payable 2,000 900 Property tax payable 3,000 1,100 Bank loan payable-current portion 5,700 8,800 CULLUMBERLTD. Statement of Income Year Ended December 31, 2021 Sales $210,000 Cost of goods sold 113,000 Gross profit 97,000 Operating expenses 58,000 Income from operations 39,000 Interest expense 1,200 Income before income tax 37,800 Income tax expense 3,000 Net income $34,800