The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 $1,746,200 Net sales $1,810,600 Cost of goods sold 1,012,200 984,000 Gross profit 798,400 762,200 Selling and administrative expenses 515,200 479,600 Income from operations 283,200 282,600 Other expenses and losses 13,300 Interest expense 17,300 Income before income taxes 269,300 265,900 80,600 76,300 Income tax expense 185,300 193,000 Net income