Comparative income statement data for Sheridan Inc. and Grouper Ltd., two competitors, are shown below for the year ended December 31 2021. Net sales Cost of goods sold Gross profit Operating expenses Profit from operations Interest expense Profit before income tax Income tax expense Profit Sheridan $2,040,000 1,124,040 915,960 591,600 324,360 6,450 317,910 95,373 $222,537 22.537 Grouper $540,000 336,960 203,040 85,860 117,180 1,252 115,928 28,982 $86,946 Additional information: Average total assets Average total shareholders' equity $902,000 744,000 $258,563 205,808 Comparative income statement data for Sheridan Inc. and Grouper Ltd., two competitors, are shown below for the year ended December 31 2021. Net sales Cost of goods sold Gross profit Operating expenses Profit from operations Interest expense Profit before income tax Income tax expense Profit Sheridan $2,040,000 1,124,040 915,960 591,600 324,360 6,450 317,910 95,373 $222,537 22.537 Grouper $540,000 336,960 203,040 85,860 117,180 1,252 115,928 28,982 $86,946 Additional information: Average total assets Average total shareholders' equity $902,000 744,000 $258,563 205,808