Comparative income statement data for Pharoah Inc. and Flounder Ltd., two competitors, are shown below for the year ended December 31, 2021. Pharoah Flounder Net sales $2,010,000 $510,000 Cost of goods sold 1,161,780 321,300 Gross profit 848,220 188,700 502,500 82,620 Operating expenses 345,720 106,080 Profit from operations 6.430 1.252 Interest expense 339,290 104,828 Profit before income tax 101.787 26.207 Income tax expense $237.503 $78,621 Profit 0.53/1 Additional information: Average total assets $962,000 $318,563 Average total shareholders' equity 763,000 224,808 PHAROAH AND FLOUNDER COMPANIES Income Statements Year Ended December 31, 2021 Pharoah Flounder Percent Percent 2010000 Net sales % % % % Cost of goods sold % % Gross profit ME % % Operating expenses % Profit from operations % Interest expense % Profit before income tax 90 Income tax expense Interest expense % % Profit before income tax % % % Income tax expense % % % Profit