g portions of the financial statements for software associates are provided below. software associates income statement for the year ended december 31, 2021 net sales $ 630,000 expenses: cost of goods sold $ 380,000 operating expenses 122,000 depreciation expense 32,200 income tax expense 45,000 total expenses 579,200 net income $ 50,800 software associates selected balance sheet data december 31, 2021, compared to december 31, 2020 decrease in accounts receivable $ 9,200 decrease in inventory 12,200 increase in prepaid rent 2,200 decrease in salaries payable 3,200 increase in accounts payable 6,200 increase in income tax payable 7,200