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The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below...

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Accounting

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The income statement, balance sheets, and additional information 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) Sales revenue (MU watches) $535,000 110,000 $645,000 Total revenues Expenses Cost of goods sold (watches) Operating expenses Depreciation expense Interest expense Income tax expense 66,000 303,876 46,000 29,324 54,600 Total expenses 499,800 Net income $145,200

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