Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 2021 Net sales $ 11,660,000 $ 10,150,000 Cost of goods sold 7,610,000 6,300,000 Gross profit 4,050,000 3,850,000 Expenses: Operating expenses 1,690,000 1,640,000 Depreciation expense 200,000 200,000 Interest expense 49,000 49,000 Income tax expense 508,000 440,000 Total expenses 2,447,000 2,329,000 Net income $ 1,603,000 $ 1,521,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021