ICS Manufacturing Income Statement Year Ending December 31, 2015 Amount Total Sales $35,500,000.00 Cost of Goods Sold $12,725,000.00 Depreciation Selling, General, and Administative Operating Profits (EBIT) Interest expense $3,200,000.00 $11,200,000.00 $8,375,000.00 $350,000.00 Taxable Income $8,025,000.00 Taxes $3,210,000.00 Net Income $4,815,000.00 ICS Manufacturing Income Statement Year Ending December 31, 2016 Amount Total Sales $37,346,000.00 Cost of Goods Sold $13,297,625.00 Depreciation Selling, General, and Administative Operating Profits (EBIT) Interest expense $3,255,000.00 $11,625,600.00 $9,167,775.00 $375,000.00 Taxable Income $8,792,775.00 Taxes $3,517,110.00 Net Income $5,275,665.00