assets were sold or disposed of during 2021. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Monarch Textiles, Inc. (\$ thousands) } \\ \hline \multicolumn{2}{|c|}{ Income statement } & \multicolumn{3}{|c|}{ Selected balance sheet items } \\ \hline & 2021 & & 2020 & 2021 \\ \hline Sales & 1,100 & Current assets & 300 & 400 \\ \hline Cost of sales & 700 & Net fixed assets & 100 & 200 \\ \hline Operating expenses & 100 & & & \\ \hline Depreciation & 50 & Current liabilities & 200 & 280 \\ \hline Interest expense & 50 & & & \\ \hline Earnings before taxes & 200 & & & \\ \hline Tax & 80 & & & \\ \hline Net income & 120 & & & \\ \hline \end{tabular} 
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