1 of 5 Comparative income Statement Years Ended December 31,207 and 206 \begin{tabular}{lrr} Sales & $600,000 & $500,000 \\ Less Cost of goods sold & 213,000387,000 & 275,000 \\ Gross profit & 180,000 & 225,000 \\ Less Operating expenses & 33,000 & 50,000175,000 \\ Operating income & 10,000 & 10,000 \\ & 5,000 & 10,000 \\ \hline Less interest & 518,000 & $30,000 \\ \hline Less income taxes & & \\ Net income & & \end{tabular} The College Shop 1 of 5 Comparative income Statement Years Ended December 31,207 and 206 \begin{tabular}{lrr} Sales & $600,000 & $500,000 \\ Less Cost of goods sold & 213,000387,000 & 275,000 \\ Gross profit & 180,000 & 225,000 \\ Less Operating expenses & 33,000 & 50,000175,000 \\ Operating income & 10,000 & 10,000 \\ & 5,000 & 10,000 \\ \hline Less interest & 518,000 & $30,000 \\ \hline Less income taxes & & \\ Net income & & \end{tabular} The College Shop