ICE Drilling Inc.'s balance sheet information and income statement are as follows: Sales ICE Drilling Inc. Income Statement For Year Ended December 31, 2020 Cost of goods sold Gross profit $1,111,200 558,000 Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Loss on sale of equipment Profit before taxes Income taxes Profit $ 553,200 $ 40,000 305,360 345,360 $ 207,840 11,080 $ 196,760 26,760 $ 170,000