LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit LAG Network. Inc. $ 25,200 224,800 $ 920,600 548,200 $ 372,400 250,000 $ 122,400 14,600 $ 107,800