Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the years ended December 31 2019 2018 $10,400,000 $8,900,000 Net sales 6,800,000 5,450,000 Cost of goods sold 3,600,000 3,450,000 Gross profit Expenses Operating expenses 1,600,000 1,600,000 Depreciation expense 180,000 210,000 40,000 50,000 Interest expense 360,000 Income tax expense 400,000 Total expenses 2.220,000 2,220,000 $1,380,000 $1,230,000 Net income