A company has the following data regarding its income statement items for the year:

• Sales Revenue: $500,000
• Cost of Goods Sold: $300,000
• Rent Expense: $40,000
• Utilities Expense: $20,000
• Advertising Expense: $10,000
• Salaries Expense: $80,000

Calculate the company's Gross Profit, Operating Profit and Net Profit for the year.