An inexperienced accountant prepared this condensed income statement for Pharoah Company, a retail firm that has been in business for a number of years. Pharoah Company Income Statement For the Year Ended December 31, 2025 Revenues Net sales $1,139,000 Other revenues 29.480 1,168,480 Cost of goods sold 743,700 Gross profit 424,780 Operating expenses Selling expenses 146,060 Administrative expenses 138,020 284,080 Net earnings $140,700