Presented below are the 2016 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2016 ($ in thousands) Sales revenue Service revenue Total revenue 14,850 $ 4,000 18,850 $ Operating expenses: Cost of goods sold 7,500 Selling 2,700 General and administrative 1,800 12,000 Total operating expenses Operating income 6,850 Interest expense 230 Income before income taxes 6,620 Income tax expense 2,800 Net income $3,820