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The income statement, balance sheets, and additional information for Peterson Incorporated are provided....

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Accounting

The income statement, balance sheets, and additional information for Peterson Incorporated are provided.
\table[[\table[[PETERSON INCORPORATED],[Income Statement],[For the Year Ended December 31,2024]],,],[Net sales,$2,550,000,],[Gain on sale of land,4,500,],[Total revenues,2,554,500,],[Expenses:],[Cost of goods sold,,],[Operating expenses,,],[Depreciation expense,,],[Interest expense,,],[\table[[Income tax expense],[Total expenses]],,],[2,367,000,],[Net income,$187,500,],[,],[2024,2023],[Assets],[Current assets:],[Cash,$289,400,$228,900
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