i Data Table Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $30,013,000 Less: Cost of goods sold 21,037,000 Gross profits $8,976,000 Less: Operating expenses Selling expense $2,982,000 General and administrative expenses 1,811,000 Lease expense 190,000 Depreciation expense 1,030,000 Total operating expense 6,013,000 Operating profits $2,963,000 Less: Interest expense 1,009,000 Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders $1,954,000 781,600 $1,172,400 91,000 $1,081,400