The following information is given to you relating to the operations of Princehall Corporation: The income tax rate is 40%. Net sales Cost of sales Gross margin $11,862 $ 3,541 Selling, general, and administrative expenses Depreciation, amortization, and asset write-offs Total operating expenses Income from operations $ 2,743 278 Interest expense Interest and other income Earnings before income taxes Income taxes Net earnings Determine the Net income of the company: Answer: 91 11 161