Income statement data for Web-pics Company for the years ended December 31, 2008 and 2007, are as follows:objs. 2, 3

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Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expense Net income 2008 2007 $117,000 56,000 $150,000 70,000 $ 61,000 $ 80,000 $ 36,000 $ 37,500 12,500 10,000 $ 48,500 $ 47,500 $ 12,500 $ 32,500 2,000 10,000 $ 10,500 $ 22,500