Pharoah Technologies Ltd. (PTL) is a privately held distributor of e-readers and tablets. The Calgary-based company is well established and is currently managed by its founder, Erin Jacobs. The company's financial statements are presented below, together with some additional information. PHAROAH TECHNOLOGIES LTD. Statement of Income As at December 31, 2024 Sales revenue $54,540,000 Cost of goods sold 37,152,000 Gross profit 17,388,000 Wages expense 4,320,000 Depreciation expense 1,296,000 Interest expense 2,052,000 Income tax expense 1,728,000 Gain on sale of equipment (648,000) Net income $8,640,000