A B C D E F G H | J K L M N 1234567 Candor Corp. Annual Income Statements For the Fiscal Years 2019 to 2021 Dec-21 Dec-20 Dec-19 5 Total Revenue 534,041 556,200 395,993 6 Cost of Revenue 272,625 293,588 239,635 7 Gross Profit 261,416 262,612 156,358 8 Research Development 94,187 86,319 76,370 9 Selling General and Administrative 77,457 81,852 64,002 10 Net Operating Income 89,772 94,441 15,986 11 Other Income/Expenses Net 34,444 37,871 24,393 12 Earnings Before Interest And Taxes 124,216 132,312 40,379 13 Interest Expense 7,943 7,199 8,170 14 Income Before Tax 116,273 125,113 32,209 1.20 15 Income Tax Expense 56,758 58,482 12,607 1.00 16 Minority Interest 4,157 4,327 2,260 17 Net Income 63,672 70,958 21,862 0.80 18 0.60 19 Assumed S,G&A Expense Breakdown 0.40 Dec-21 20 Variable 21 Fixed 22 70% 30% 0.20 Dec-20 0.00 24 Leverage Measures 23 Calculate and graph the DOL, DFL and DCL for 2020 and 2021. 25 Degree of Operating Leverage Degree of Dec-21 Dec-20 Operating Leverage Degree of Financial Degree of Combined Leverage Leverage Dec-21 26 Degree of Financial Leverage Dec-20 27 Degree of Combined Leverage 28