2016 3.15. Writing Skills Problem Income statements are presented for the Elf Corporation for the years ending December 31, 2016, 2015, and 2014. Elf Corporation Income Statements for the Years Ending December 31, 2016, 2015, and 2014 (in millions) 2015 2014 Sales $700 $650 $550 Cost of goods sold 350 275 Gross profit $350 Operating expenses: Administrative 100 Advertising and marketing Operating profit $200 $150 Interest expense Earnings before tax $130 Tax expense (50%) Net income 275 50 $100 70 $ 65 Required: Write a one-paragraph analysis of Elf Corporation's profit performance for the period. To the Student: The focus of this exercise is on analyzing financial data rather than simply describing the numbers and trends. Analysis involves breaking the information into parts for study, relating the pieces, making comparisons, drawing conclusions, and evaluating cause and effect