Sales Cost of goods sold Gross Profit Operating expenses Depreciation expense Income Statement Year Ended December 31, 2017 profit from operations Loss on sale of equipment Investment Income Profit before taxes Income taxes Profit $ 560,000 390,000 170,000 $ 77,920 24,080 102,000 68,000 1,960 6,720 72,760 10,000 S 62,760