Using the spreadsheet below to answer the following question(s). The spreadsheet below shows the net income model for a company that sells shoes.

	A	B
1	Net Income Model
2
3	Data
4
5	Sales	$10,000,000
6	Cost of Goods Sold	$ 6,400,000
7	Administrative Expenses	$ 500,000
8	Selling Expenses	$ 900,000
9	Depreciation Expenses	$ 750,000
10	Interest Expenses	$ 70,000
11	Taxes	$ 620,000
12
13	Model
14
15	Gross Profit	$ 3,600,000
16	Operating Expenses	$ 2,150,000
17	Net Operating Income	$ 1,450,000
18	Earnings Before Taxes	$ 1,380,000
19
20	Net Income

Which of the following formulas would be used to calculate the net operating income?

=B15-B16

=B15-B16+B6

=SUM(B6:B10)-B11

=B15-B5