FIN 310 Chapter 5 Open-Ended Assignment Note: Please put your answers only in the section below the Bold Red sentence at the end of the Required section below. ABC Corporation published the following information in its financial statements for its 2020 annual report: ABC Corporation Income Statement For the Year ended Dec. 31, 2020 Sales 80,000 Cost of goods sold 50,000 Gross profit 30,000 Cash operating expenses 9,000 Depreciation 3,000 Total operating expenses 12,000 Earnings before interest and taxes 18,000 Interest expense 720 Earnings before taxes 17,280 Income tax expense 5,357 Net income 11,923