Income statements for Red Rally Pharmacy for the years ending December 31, 2022, and 2023, are presented below. Red Rally Pharmacy Income Statements For the Years Ended December 31 Increase (Decrease) 2023 2022 Amount % Sales revenue $385,560 $357,000 $28,560 7.99% Cost of goods sold $245,140 $238,000 $7,140 30.00% Gross profit $140,420 $119,000 $21,420 1800.00% Operating expenses $52,472 $56,000 ($3,528) -630.00% Operating income $87,948 $63,000 $24,948 3960.00% Other income (expense) $3,468 $3,000 $468 1560.00% Income before tax $84,480 $60,000 $24,480 4080.00% Income tax expense $23,205 $17,000 $6,205 3650.00% Net income $61,275