Selected current year$-$end financial statements of Cabot Corporation follow. $($All sales were on credit, selected balance sheet amoun at December $31$ of the prior year were inventory, $$55,900$; total assets, $$199,400$; common stock, $$84,000$; and retained earnings, $$30,910.)$

$\backslash$table$[[\backslash$table$[[$CABOT CORPORAT$],[$Income Stateme$],[$For Current Year Ended$]],\backslash$table$[[$ION$],[$December$],[$Dect$]],31],[$Sales$,,453,600],[$Cost of goods sold,,$297,850],[$Gross profit,,$155,750],[$Operating expenses,,$99,000],[$Interest expense,,$4,100],[$Income before taxes,,$52,650],[$Income tax expense,,$21,210],[$Net income,,$31,440]]$