The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Macrosoft Corporation. MACROSOFT CORPORATION Income Statement For the Year Ended December 31, 2016 ($in millions) Revenues and gains: Sales 290.00Gain on sale of cash equivalents 1.00 Gain on sale of investments 23.00 314.00 Expenses and loss: Cost of goods sold 110.00 Salaries 39.00Interest expense 11.00 Insurance 19.00 Depreciation 9.00 Patent amortization 3.00 Loss on sale of land 5.00 196.00 Income before tax 118.00 Income tax expense 59.00 Net income 59.00
