Following are the income statement and some additional information for Grant Company.

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r _" G_'__ __ __ ____"_ _ __ _ __' Grant Company Income Statement For the Year Ended December 31, 2021 Net sales $10,000 Cost of goods sold g 1,500! Gross margin 8,500 Operating expenses $2,000 I Depreciation expense 900 52,900! Income before taxes 5,600 Income taxes (1,600) Net income $ 4,000