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