Identify the errors in the following income statement:

Armortec Company Income Statement For the Year Ended February 28, 2010 Revenue from sales: Sales Add: Sales returns and allowances Sales discounts Gross sales.. Cost of merchandise sold $5,345,800 $120,000 60.000 180,000 $5,525,800 3.100,800 $2,425,000 Income from operations. Expenses: Selling expenses Administrative expenses Delivery expense $ 800,000 600,000 50,000 Total expenses 1,450,000 $ 975,000 Other expense: Interest revenue 40,000 $ 935,000 Gross profit