Adams Corporation reported the following operating results for two consecutive years:ADAMS CORPORATION

Income Statements

Year $3$ Year $2$ Percentage ChangeADAMS CORPORATION

Income Statements

Year $3$ Year $2$ Percentage Change

Sales $$1,299,000$ $$1,000,500\%$

Cost of goods sold $798,885600,300$

Gross margin $500,115400,200$

Operating expenses $304,500196,500$

Income before taxes $195,615203,700$

Income taxes $61,00052,600$

Net income $($loss$)$ $$134,615$ $$151,100\%$