The Red is incorrect.

Thank you!

Problem 13-02A The comparative statements of Cullumber Company are presented here. CULLUMBER COMPANY Income Statements For the Years Ended December 31 2022 Net sales $2,400,400 Cost of goods sold 1,327,000 Gross profit 1,073,400 Selling and administrative expenses 650,000 Income from operations 423,400 Other expenses and losses Interest expense 28,600 Income before income taxes 394,800 Income tax expense 118,440 Net income $ 276,360 2021 $2,240,000 1,307,800 932,200 622,700 309,500 26,000 283,500 85,050 $ 198,450