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Exercise 183 The income statement of Frank Company is shown below: FRANK COMPANY Income Statement For the Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $8,400,000 5,400,000 3,000,000 Selling expenses Administrative expense Depreciation expense Amortization expense $500,000 700,000 90,000 30,000 1,320,000 Net income $1,680,000