The following data was taken from the books as at December $31$ of Oriole Inc.:

Cash

$$13,100$ Common shares

$$15,000$

Income tax expense

$4,600$ Cost of goods sold

$59,400$

Sales revenue

$107,200$ Retained earnings $($as of January $1)$

$81,900$

Inventory

$31,800$ Bank loan payable

$51,550$

Accounts payable

$33,250$ Equipment

$130,000$

Operating expenses

$28,430$ Dividends paid

$5,650$

Interest expense

$4,100$ Accounts receivable

$10,750$

Prepaid expenses

$1,070$

$($a$)$

Determine the gross profit and net income.

Gross profit

Net Income

$