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 $12,640,000 $11,200,000 8,240,000 7,000,000 Net sales Cost of goods sold Gross profit 4,400,000 4,200,000 Expenses: Operating expenses Depreciation expense Interest expense Income tax expense 1,760,000 200,000 56,000 592,000 1,710,000 200,000 56,000 510,000 Total expenses 2,608,000 2,476,000 Net income $1,792,000 $1,724,000