TB EX Qu. 12-167 (Algo) The income statement and balance sheets... The income statement and balance sheets for Laser World are provided below: LASER WORLD Income Statement For the Year Ended December 31, 2024 Sales revenue Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $2,200,000 1,500,000 700,000 347,000 63,000 4,600 23,000 53,000 490,600 $209,400