7. As the financial analyst for IBM Corporation, you need to prepare the income statement for the fiscal year 2023. The company has experienced a significant increase in sales, resulting in revenue of $6,000,000. The cost of goods sold was $3,500,000, operating expenses were $1,500,000, and interest expenses were $200,000. Additionally, there was a gain on sale of investments amounting to $100,000 and an income tax expense of $300,000. Discuss the company’s profitability.