The following data was taken from the books as at December 31 of Ivanhoe Inc.: Cash $14,500 Common shares $15,000 Income tax expense 4,600 Cost of goods sold 58,100 Sales revenue 104,100 Retained earnings (as of January 1) 78,500 Inventory 31,100 Bank loan payable 51,150 Accounts payable 33,650 Equipment 130,000 Operating expenses 21,760 Dividends paid 5,750 Interest expense 3,000 Accounts receivable 12,250 Prepaid expenses 1,340 Determine the gross profit and net income. What is Gross profit and Net Income ?