Question 9 35pts Portions of the financial statements of Clear Transmission Company are provided below. CLEAR TRANSMISSIONS COMPANY Income Statement For year ended Dec 31, 2016 (S in 000s) $1,320 Sales (500) Cost of goods sold Gross Profit 820 Salaries expense $220 Depreciation expense 180 Patent amortization expense 10 Interest expense 40 Loss on sale (456) Income before tax 364 Tax expense (182) Income before extraordinary gain 182 Extraordinary gain 20 Less; tax on gain (10) 10 Net Income 192 Question 9 35pts Portions of the financial statements of Clear Transmission Company are provided below. CLEAR TRANSMISSIONS COMPANY Income Statement For year ended Dec 31, 2016 (S in 000s) $1,320 Sales (500) Cost of goods sold Gross Profit 820 Salaries expense $220 Depreciation expense 180 Patent amortization expense 10 Interest expense 40 Loss on sale (456) Income before tax 364 Tax expense (182) Income before extraordinary gain 182 Extraordinary gain 20 Less; tax on gain (10) 10 Net Income 192