Liabilities and Stockholders’ EquityAccounts payable 2014 $28,8202013 $ 16,560Income taxes payable 2014 7,2602013 8,130Bonds payable 2014 27,0002013 32,440Common stock 2014 17,3802013 14,880Retained earnings 2014 45,1502013 41,030 Total 2014 $125,6102013 $113,0402.During the year equipment was sold for $8,020 cash. This equipment cost $17,960 originally and had a book value of $8,020 at the time of sale.3.All depreciation expense, $15,480, is in the operating expenses.Further analysis reveals the following.1.Accounts payable pertain to merchandise suppliers.2.All operating expenses except for depreciation were paid in cash.What is the operating expenses in the income statement?