Print Item Question Content Area The Percy's Landing Co. reported the following condensed income statement for 2020: Percy's Landing CO. Condensed Income Statement For the Year Ended December 31, 2020 Sales $305,000 Cost of Goods Sold 150,000 Gross Profit $155,000 Operating Expenses: Depreciation $42,000 Insurance expense 5,000 Salaries expense 80,000 127,000 Income before taxes $28,000 Income tax expense 6,000 Net Income $22,000