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Problem 14-2A The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,812,700$1,746,500 981,000 765,500 477,000 288,500 1,007,700 805,000 516,800 288,200 Interest expense Income before income taxes Income tax expense Net income 18,400 269,800 82,000 187,800 13,600 274,900 77,000 $197,900