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The following information is available for XYZ Corporation for the year ended December 31, 2023: Item Amount ($) Sales Revenue 17,600,000 Cost of Goods Sold

  1. The following information is available for XYZ Corporation for the year ended December 31, 2023:
ItemAmount ($)
Sales Revenue17,600,000
Cost of Goods Sold8,800,000
Gross Profit?
Operating Expenses8,850,000
Depreciation Expense15,800,000
Net Income?

Requirements:

  1. Calculate the Gross Profit.
  2. Determine the Net Income.

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