(In thousands, except per share data) 2015 Year Ended December 31, 2014 2013 Net sales. Cost of sales $ 843,794 $886,945 $ 842,801 486,161 529,019 528,043 Gross profit. 357,633 Selling expenses. 357,926 228,910 234,231 226,496 314,758 General and administrative expenses. 68,567 61,662 68,087 Research and development expenses. 33,213 31,285 30,937 Total operating expenses.. 330,690 327,178 325,520 Income (loss) from operations... 26,943 30,748 (10,762) Interest income. 388 438 558 Interest expense. (8,733) (9,499) (9,123) Other income (expense), net.. 1,465 (48) 6,005 Income (loss) before income taxes. 20,063 21,639 (13,322) Income tax provision.. 5,495 5,631 5,599 Net income (loss) 14,568 16,008 (18,921) Dividends on convertible preferred stock. 3,332 Net income (loss) allocable to common shareholders.. Earnings (loss) per common share: Basic......... Diluted. Weighted-average common shares outstanding: Basic........ Diluted. Dividends paid per common share. $ 14,568 $ 16,008 $ (22,253) $ $ 0.18 $ 0.21 $ (0.31) 0.17 $ 0.20 $ (0.31) 83,116 84,611 77,559 72,809 78,385 72,809 $ 0.04 $ 0.04 0.04 A (In thousands, except share and per share data) ASSETS December 31, 2015 2014 Current assets: Cash and cash equivalents... Accounts receivable, net. Inventories. Deferred taxes, net... Income taxes receivable. Other current assets Total current assets. Property, plant and equipment, net.. Intangible assets, net.. Goodwill. $ 49,801 $ 37,635 115,607 109,848 208,883 207,229 5,081 487 928 16,709 23,312 391,487 384,033 55,808 58,093 88,782 88,833 26,500 27,821 Deferred taxes, net. 6,962 2,346 Investment in golf-related ventures (Note 7)... 53,315 50,677 Other asset.......... 8,370 13,008 Total assets. $631,224 $624,811 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $122,620 $123,251 Accrued employee compensation and benefits.. 33,518 37,386 Asset-based credit facility. 14,969 15,235 Accrued warranty expense. Income taxes payable.. Deferred taxes, net... Total current liabilities. Long-term liabilities: Income tax liability.. Deferred taxes, net...... Convertible notes, net (Note 3).. Long-term other... Commitments & contingencies (Note 10) Shareholders' equity: Preferred stock, $.01 par value, 3,000,000 shares authorized, 0 shares issued and outstanding at both December 31, 2015 and 2014.. Common stock, $.01 par value, 240,000,000 shares authorized, 93,769,199 shares and 78,373,598 shares issued at December 31, 2015 and 2014, respectively. 5,706 5,607 1,823 2,623 26 178,636 184,128 3,476 3,867 35,093 35,043 108,574 1,074 1,665 - 938 784 Additional paid-in capital.. 322,793 210,057 Retained earnings.......... 101,047 89,932 Accumulated other comprehensive income (loss). (11,813) (796) Less: Common stock held in treasury, at cost, 2,075 shares and 779,681 shares at December 31, 2015 and 2014, respectively. (20) (8,443) Total Callaway Golf Company shareholders' equity.. 412,945 291,534 Total liabilities and shareholders' equity $631,224 $624,811 Show that the change in retained earnings account between December 31, 2014 and December 31, 2015 is equal to the difference between net income and dividends for Callaway. (All dividends declared in 2015 have been paid by the end of 2015.) Assume that Callaway made all sales on account and then collected cash from customers several months later. Write a summary journal entry to record Callaway's revenues in 2015. If Callaway had $20,000 more amortization expense than it had in 2015, how would its net income change