GHI Company presents the following figures for the year 2023:

• Revenue: $1,500,000
• Cost of Goods Sold: $900,000
• Operating Expenses: $300,000
• Interest Expense: $40,000
• Tax Expense: $70,000

Requirements:

1. Prepare an income statement.
2. Calculate the gross profit.
3. Calculate the operating income.
4. Determine the net income.
5. Analyze the impact of a 10% decrease in COGS on the net income.