Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 $599,000 394,741 70,083 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $750,000 468,750 123,000 63,750 37,500 57,000 55,707 23,361 55,108 JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 2020 2019 Amount Percent Amount Percent Sales revenue $750,000 $599,000 Cost of goods sold 468,750 394,741 Gross profit 281,250 204,259 Selling expenses 123,000 70,083 Administrative expenses 63,750 55,707 Total operating expenses 186,750 125,790 Income before income taxes 94,500 78,469 Income taxes expense 37,500 23,361 Net income $57,000 $55,108