| Income Statement for Fiscal Year Ended December 31, 2022 | |
| Sales | $ 4,000,000 |
| Less: COGS | $ 900,000 |
| Gross Profits | $ 3,100,000 |
| Less: Operating Expenses | $ 110,000 |
| Operating Profits | $ 2,990,000 |
| Less: Net Interest | $ 20,000 |
| Profit Before Taxes | $ 2,970,000 |
| Less: Taxes (at 40% Rate) | $ 1,188,000 |
| Profit After Taxes | $ 1,782,000 |
| Less: Common Stock Dividends | $ 60,000 |
| Retained Earnings | $ 1,722,000 |
