Condensed Income Statement For the Year Ended December 31, 2020 Duke Company Lord Company Dollars Percent Dollars Percent Net Sales 1896000 100 561000 100 Cost of Goods Sold 1020048 53.8 297330 53 Gross Profit 875952 46.2 263670 47 Operating Expenses 257856 13.6 79662 14.2 Income From Operations Other Expenses and Losses Interest Expense Income Before Income Taxes 618096 7584 0.4 3927 0.7 0.4 610512 32.2 180081 32.1 Income Tax Expense 54984 2.9 6171 1.1 55558 29.3173910 Net Income / (Loss) 31