ICE Drilling Inc.s balance sheet information and income statement are as follows: ICE Drilling Inc. Income Statement For Year Ended December 31, 2023 Sales $ 1,111,400 Cost of goods sold 559,000 Gross profit $ 552,400 Operating expenses: Depreciation expense $ 41,000 Other expenses 305,560 Total operating expenses 346,560 Profit from operations $ 205,840 Loss on sale of equipment 11,280 Profit before taxes $ 194,560 Income taxes 26,960 Profit $ 167,600 ICE Drilling Inc. Comparative Balance Sheet