For 2013, Greyhound Technology Company reported its most significant decline in net income in years. At the end of the year, Duane Vogel, the president, is presented with the following condensed comparative income statement: GREYHOUND TECHNOLOGY COMPANY Comparative Income Statement For the Years Ended December 31, 20Y3 and 2012 20Y3 2012 Sales $862,000 $785,000 Cost of goods sold (650,000) (500,000) Gross profit $212,000 $285,000 Selling expenses $(44,000) $(40,000) Administrative expenses (27,000) (25,000) Total operating expenses $(71,000) $ (65,000) Income from operations $141,000 $220,000 Other revenue Income before income tax 2,300 $143,300 2,000 $222.000 Income tax expense (13,000) (20,000) Net income $ 130,300 $202,000