Problem 14-2A The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 $1,746,200 Net sales $1,813,600 Cost of goods sold 1,013,400 990,000 Gross profit 800,200 756,200 474,000 Selling and administrative expenses 514,800 Income from operations 285,400 282,200 Other expenses and losses 17,400 14,400 Interest expense Income before income taxes 268,000 267,800 Income tax expense 80,700 77,600 187,300 190,200 Net income