12.22 (LO 1, 2, 3) Excel Comprehensive financial statement analysis Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2020 2019 2018 Sales revenue $576,600 $523,000 $484,200 Cost of goods sold Gross margin Operating expenses 106,200 Operating income 179,400 291,000 259,200 234,300 285,600 263,800 249,900 104,100 159,200 145,800 104,600 Other revenue 22,500 15,900 23,900 Interest expense 11,200 10,500 11,900 Income before income tax 190,700 164,600 157,800 Income tax expense (40%) 76,280 65,840 63,120 Net income $114,420 $ 98,760 $ 94,680