The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Macrosoft Corporation. MACROSOFT CORPORATION Income Statement For the Year Ended December 31, 2016 in millions) Revenues and gains: 290.00 Sales Gain on sale of cash equivalents 1.00 23.00 314.00 Gain on sale of investments Expenses and loss: 110.00 Cost of goods sold 39.00 Salaries Interest expense 11.00 19.00 Insurance Depreciation 9.00 3.00 Patent amortization Loss on sale of land 5.00 196.00 Income before tax 118.00 59.00 Income tax expense 59.00 Net income