Winthrop Company Comparative Income Statement For the Years Ended December 31 Current year Amount Previous year Amount Increase (Decrease) Amount Increase (Decrease) Percent $2,280,000 $2,000,000 1,960,000 1,750,000 Sales Cost of goods sold Gross profit $320,000 $250,000 125,000 Selling expenses Administrative expenses 156,500 122,000 Dudini 100,000 IIIIIILU Total operating expenses $278,500 $225,000 Income before income tax 41,500 25,000 Income tax expense 16,600 10,000 Net income $24,900 $15,000