The following income statement and balance sheet for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2015 Net sales Cost of goods sold $8,880,000 5,440,000 Gross profit 3,440,000 Expenses: Operating expenses Depreciation expense Interest expense Income tax expense $1,590,000 208,000 48,000 358,000 Total expenses 2,204,000 Net income $1,236,000