Tamarisk Company Income Statement For the Year Ended December 31, 2022 Sales revenue $242,000 Cost of goods sold 176,500 Gross profit 65,500 Selling expenses $17,325 Administrative expenses 5,775 23,100 Income from operations 42,400 Interest expense 2,500 Income before income taxes 39,900 Income tax expense 7,980 Net income $31,920 Additional data: 1. Depreciation expense was $15,900. 2. Dividends declared and paid were $24,620. 3. During the year equipment was sold for $7,600 cash. This equipment cost $17,500 originally and had accumulated depreciation of $9,900 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash.