Best Value Hardware Best Value Hardware U.S. GAAP STATEMENT OF INCOME IFRS STATEMENT OF INCOME FOR THE YEAR ENDED 12/31/16 FOR THE YEAR ENDED 12/31/16 Sales and other revenue 28,104,000 Sales and other revenue 28,104,000 Cost of goods sold (17.589.200) Cost of goods sold (17.000.000) Gross profit on sales 10,514,800 Gross profit on sales 11,104,000 Operating and administrative expenses: Operating and administrative expenses: Insurance 404,833 Insurance 404,833 Property tax 505,000 Property tax 505,000 Depreciation 247,455 Depreciation 240,435 Other Operating expenses 5.876.510 Other Operating expenses 5.876.510 Total operating and administrative expenses 7,033,798 Total operating and administrative expenses 7.026,778 Operating profit 3,481,002 Operating profit 4,077,222 Other income (expense): (299,000) Other income (expense): 608,850 Income before income taxes 3,481,002 Income before income taxes 4,686,072 Income taxes (539.300) Income taxes (539.300) Net income (loss) 2,941,702 Net income (loss) 4,146.772