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) 2016 2015 2014 $700 350 $350 $650 325 $325 $550 275 $275 100 Sales Cost of goods sold Gross profit Operating expenses: Administrative Advertising and marketing Operating profit Interest expense Earnings before tax Tax expense (50%) Net income 100 50 $200 70 $130 65 $ 65 100 75 $150 50 $100 50 $ 50 75 $100 30 $ 70 35 $ 35 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