Exercise 18-4 The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Statements 31 Comparative Condensed Income For the Years Ended December 2017 2016 Net sales $752,400 $684,000 Cost of goods 550,620 478,000 sold Gross profit 201,780 206,000 Operating 142,500 136,800 expenses Net income $ 59,280 $69,200