tree years. rep vears tements are presented for the Elf Corporation for the years ending December 31, 2014 $550 3.15. Writing Skills Problem Income statements are prese 2016, 2015, and 2014. Elf Corporation Income Statements for the Years Ending December 31, 2016, 2015, and 2014 (in millions) 2016 2015 Sales $700 $650 Cost of goods sold 350 325 Gross profit $350 $325 Operating expenses: Administrative 100 100 Advertising and marketing 75 Operating profit $150 Interest expense Earnings before tax $130 $100 Tax expense (50%) 50 Net income $ 65 $ 50 100 $200 70 50 $100 30 $ 70 65 $ 35 Required: Write a one-paragraph analysis of Elf Corporation's profit performance for the period. To the Student: The focus of this exercise is on analyzing financial data rather than simply describing the numbers and trends. Analysis involves breaking the information into parts tudy, relating the pieces, making comparisons, drawing conclusions, and evaluating cause and effect