Exercise 18-4 (Part Level Submission) The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Operating expenses Net income 2015 $604,330 478,970 125,360 58,310 $ 67,050 2014 $496,670 418,430 78,240 46,770 31,470 y (a)