Novak Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense. Income before income taxes Income tax expense Net income Additional data: 1 2 3. 4 5. $18,450 6,150 $241,700 175.300 66,400 24,600 41,800 2,000 39,800 7,960 $31,840 Depreciation expense was $14,900. Dividends declared and paid were $24,140. During the year equipment was sold for $9,800 cash. This equipment cost $18,300 originally and had accumulated depreciation of $8,500 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash