Operating data for Cullumber Land Corporation are presented below: December 31, 2021 December 31, 2020 $ 870,000 $ 670,000 494,160 404,010 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense 133,980 91,790 93,960 67,670 37,410 38,190 Net income 110,490 68,340 CULLUMBERLAND COMPANY Condensed Income Statement For the Years Ended December 31 2021 2020 Amount Percentage Amount Percentage Sales revenue $ 870,000 % $ 670,000 % Cost of goods sold 494,160 % 404,010 % Gross profit 375,840 % 265,990 % Selling expenses 133.980 % 91.790 % Administrative expenses 93.960 96 67,670 % Total operating expenses 227.940 159.460 % Income before income taxes 147.900 % 106,530 % Income tax expense 37.410 % 38,190 96 Net income $ 110,490 % $68,340 %