Problem 13-2A The comparative statements of Sheridan Company are presented here: SHERIDAN COMPANY Income Statements For the Years Ended December 31 2019 2018 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,897,840 $1,757,800 1,013,300 744,500 486,300 258,200 1,065,840 832,000 507,300 324,700 Interest expense Income before income taxes Income tax expense Net income 23,800 300,900 93,800 $207,100 21,800 236,400 74,800 $161,600