Forten Company income statement for the current year ended December 31:

Sales $602,500
Cost of Goods Sold $289,000
Gross Profit $313,500
Operating Expenses (excluding depreciation) $136,400
Depreciation Expense $24,750
Other Gains (Losses):
Loss on Sale of Equipment $9,125
Income Before Taxes $143,225
Income Taxes Expense $29,850
Net Income $113,375