The income statement for Rhino Company for the current year ended June 30 is as follows: 1 Sales 2 Cost of merchandise sold 3 Gross profit 4 Operating expenses: 5 Depreciation expense $38,300.00 6 Other operating expenses 116,190.00 7 Total operating expenses 8 Income before income tax 9 Income tax expense 10 Net income $445,100.00 157,900.00 $287,200.00 154,490.00 $132,710.00 40,590.00 $92,120.00