Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp for December 31, 20X4 and 20X3 Lincoln Corp. - Income Statement as of December 31st, 20x4 Revenue $ 5,000 Cost of Goods Sold $ 3,200 Gross Profit $ 1,800 Operating expenses $ 1,350 Operating Profit $ 450 Loss on sale of equipment $ 20 Income tax expense $ 180 Profit for 2012 $ 250