## Answers

Headland Company | ||

Income Statement | ||

For the Year Ended | ||

2017 | 2016 | |

Sales | $3,030 | $3,030 |

Cost of Goods Sold | $1,070 | $910 |

Operating expenses | $1,040 | $1,040 |

Income before profit-sharing | $920 | $1,080 |

Profist-Sharing expenses | $104 | $96 |

Net Income | $816 | $984 |

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