Income Statement For the Year Ended December 31 $ 260,000 10,000 250,000 165,000 ? Sales Revenue Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses: Administrative Expense Selling Expense Income from Operations Income Tax Expense Net Income 15,000 30,000 45,000 45,000 15,000 25,000 S Refer to the Income Statement above and answer the following questions... 1. What was the amount of gross profit? What was the gross profit percentage? 96 2. Did the gross profit percentage in the current year improve or decline relative to the 38.0 percent gross profit percentage in the prior year? (type "improve", or "decline)