Income statements are presented forthe Elf Corporation forthe years ending December 31, 2016, 2015, and 2014. Elf Corporation Income Statements for the Years Ending December 31, 2016, 2015, and 2014 (in millions) 2016 2015 2014 Sales $700 $650 $550 Cost of goods sold 350 325 275 Gross profit $350 $325 $275 Operating expenses: Administrative 100 100 100 Advertising and marketing 50 75 75 Operating profit $200 $150 $100 Interest expense 70 50 30 Earnings before tax $130 $100 $ 70 Tax expense (50%) 65 50 35 Net income $ 65 $ 50 $ 35 Required: Write a one-paragraph analysis of Elf Corporation’s profit performance for the period.