Income statement (LO1) Precision Systems had sales of $820,000, cost of goods of $510,000, selling and administrative expense of $60,000, and operating profit of $103,000. What was the value of depreciation expense? Set this problem up as a partial income statement, and determine depreciation expense as the plug figure. 11. Depreciation and earnings (1.01) Stein Books Inc. sold 1, 900 finance textbooks for $250 each to High Tuition University in 2013. These books cost $210 to produce. Stein Books spent $12, 200 (selling expense) to convince the university to buy its books. Depreciation expense for the year was $15, 200. in addition, Stein Books borrowed $104,000 on January 1, 2013, on which the company paid 12 percent interest. Both the interest and principal of the loan were paid on December 31, 2013. The publishing firm's tax rate is 30 percent. Did Stein Books make a profit in 2013? Please verify with an income statement presented in good form