The following income statement was drawn from the records of Munoz, a merchandising firm: MUNOZ COMPANY Income Statement For the Year Ended December 31 Sales revenue (5,000 units $168) $ 840,000 Cost of goods sold (5,000 units $84) (420,000 ) Gross margin 420,000 Sales commissions (10% of sales) (84,000 ) Administrative salaries expense (86,000 ) Advertising expense (37,000 ) Depreciation expense (50,000 ) Shipping and handling expenses (5,000 units $4) (20,000 ) Net income $ 143,0