Data for the year ended December 31, 2023:

Item	Amount
Revenue	$900,000,000
Cost of Goods Sold	$500,000,000
Operating Expenses	$300,000,000
Income Tax Expense	$40,000,000
Net Income	$60,000,000

Requirements:

1. Calculate IBM's gross profit margin.
2. Determine IBM's operating profit margin.
3. Discuss the effect of operating expenses on IBM's profitability.
4. Evaluate how IBM recognizes revenue from its software and services.
5. Explain the significance of the Income Measurement Objective in IBM’s financial planning.
6. Analyze the impact of IBM's financial performance on its market value.