Calculate Gross Profit Margins for 2017 based on earnings before interest and taxes. Monthly Income Statement ABC Company 2016 20172018 Retail Sales Corporate Sales Total Sales Revenue Less: Cost of Goods Sold Cross Profit $2,200,000.00 $2,000,000.00 $1,720,000.0 $1,000,000.00 $1,000,000.00 $1,100,000.0 $3,200,000.00 $3,000,000.00 $2,820,000.0 $1,600,000.00 $1,550,000.00 $1,400,000.0 $1,600,000.00 $1,450,000.00 $1,420,000.0 Less: Operating expense $800,000.00 $810,000.00 $812,000.0 Less; Depreciation expenses $42,500.00 $44,500.00 $45,500.0 Earnings before interest and taxes (EBIT) $757,500.00 $595,500.00 $562,500.0 Less Interest expense $110,000.00 $110,000.00 $150,000.0 Earning before income taxes $647,500.00 $485,500.00 $412,500.0 Less: Income taxes $300,000.00 $194,200.00 $165,000.0 Net Income $347,500.00 $291,300.00 $247,500.0