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Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES,...

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Accounting

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Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2020 Revenues: Service revenue (clinic, racing, TEAM) $537,000 Sales revenue (MU watches) 112,000 $649,000 Total revenues Expenses: Cost of goods sold (MU watches) Operating expenses Depreciation expense Interest expense Income tax expense 67,000 303,976 47,000 29,424 55,200 Total expenses 502,600 Net income $146,400

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