The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2015 2014 Net sales Cost of goods sold Gross profit Selling and administrative expense Income from operations Other expenses and losses $1,813,190 1,014,270 798,920 512,500 286,420 $1,751,610 973,110 778,500 478,200 300,300 Interest expense Income before income taxes Income tax expense Net income 18,110 268,310 81,110 $ 187,200 13,740 286,560 76,260 $ 210,300