The income statement and balance sheets for Laser World are provided below: LASER WORLD Income Statement For the Year Ended December 31, 2024 Sales revenue Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $2,250,000 1,600,000 650,000 348,000 63,000 4,600 24,000 57,000 496,600 $153,400