Merry Time Lighting Income Statement For the Year Ended December 31, 2021 Net Sales Revenue $ 810,000 Cost of Goods Sold 460,000 Gross Profit 350,000 Operating Expenses: Salaries and Wages Expense 100,000 Depreciation Expense 20,000 Other Operating Expenses 120,000 Total Operating Expenses 240,000 Operating Income 110,000 Other Revenues and Expenses: Loss on Asset Disposition (12,000) Interest Expense (12,000) Dividend Revenue 2,000 Total Other Revenues and Expenses (22,000) Income Before Income Taxes 88,000 Income Tax Expense 28,000 Net Income $ 60,000