View Policies Current Attempt in Progress The statement of income for Steering Ltd. is shown below: STEERING LTD. Statement of Income Year Ended December 31 (in millions) 2021 2020 2019 Sales $1,592 $1,407 $1,189 Cost of goods sold 902 745 595 Gross profit 690 662 594 Operating expenses 524 408 401 Income from operations 166 254 193 Interest expense 60 80 50 40 Income before income tax 86 204 153 Income tax expense 25 51 38 Net income $61 $153 $115