Income statement data for Moreno Company for two recent years ended December 31, are as follows: Moreno Company Comparative Income Statement For the Years Ended December 31, 20- Current Year Previous Year 2 Sales Cost of goods sold 4 Gross profit 5 Selling expenses 6 Administrative expenses 7 Total operating expenses 8Income before income tax 1,836,800.00 $1,640,000.00 556,442.00 1,402,20000 280,35800 $237,800.00 70,000.00 44,000.00 $12864000 $114,000.00 151,71800 $123,800.00 8,20000 13941800 $115,600.00 9,80000 $ 48,840.00 Income tax expense 12,30000 10 Net income