The following selected account balances were taken from
Tyson Company's general ledgers for 2026: January 1 December 31
Income taxes payable $16,000 $ 7,000
Notes payable $52,000 $81,000
Land $39,000 $46,000
Accounts payable $61,000 $24,000
Retained earnings $56,000 $72,000
Investments $49,000 $55,000
Accounts receivable $78,000 $19,000
Inventory $91,000 $36,000
Common stock $14,000 $51,000
Tyson Company's 2026 income statement is given below:
Sales revenue $225,000
Cost of goods sold $128,000
Salaries expense $ 63,000
Gain on sale of land $ 22,000
Income tax expense $ 19,000
Net income $ 37,000
Additional information:
Tyson Company purchased land for $32,000 cash in 2026.