$100 Part B. Given the following income statement and balance sheet: Income Statement Sales revenues Cost of goods sold Gross profit Operating expenses Operating income Income tax expense Net income 40 25 15 a $9 $13 Cash Accounts receivable Balance Sheet $2 Accounts payable 12 Common stock, $1 par 26 Retained earnings $40 Total liabilities and S/E 18 Equipment, net Total asset $40 Required: Determine the following financial statement amounts: The cost of goods sold was $ The income tax expense rate was %. Current assets totaled $ Retained earnings were $ Earnings per share were $ . (Hint: note that the firm issued 18 shares of common stock)