For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement:

McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1
	20Y2		20Y1
Sales	$569,800		$475,000
Cost of merchandise sold	420,000		300,000
Gross profit	$149,800		$175,000
Selling expenses	$60,000		$40,000
Administrative expenses	34,000		25,000
Total operating expenses	$94,000		$65,000
Income from operations	$55,800		$110,000
Other revenue	2,416		2,000
Income before income tax expense	$58,216		$112,000
Income tax expense	16,300		33,600
Net income	$41,916		$78,400

For the Years Ended December 31,20Y2 and 20Y1 Required: McDade Company Comparative Income Statement For the Years Ended December 31,20Y2 and 20Y1