During 2018, Chan Enterprises generated revenues of $150,000. The company's expenses were as follows: cost of goods sold of $80,000, operating expenses of $40,000 and a gain on the sale of equipment of $2,500. Ahmad's gross profit is a. $30,000. b. $32,500. c. $70,000. d. $72,500. Which of the following expressions is incorrect? a. Gross profit - operating expenses = net income b. Operating expenses - cost of goods sold = gross profit c. Sales revenue -cost of goods sold-operating expenses = net income d. Net income + operating expenses = gross profit