Consider the following income statement and balance sheet data: 2019 Income Statement: Revenues Cost of goods sold Gross profit $335,000 190,000 145,000 Operating expenses Wages and salaries 42,000 Selling and administrative 31,000 Depreciation expense 18,000 Amortization expense 5.000 Total operating expenses 96,000 Operating income 49,000 Interest expense 8,000 Income before income taxes. 41,000 Income taxes expense 13,000 Net income $28,000