Presented below are selected ledger accounts of Vu Corporation at December 31, 2014.
Cash .................. $ 92,500
Merchandise inventory ........... 267,500
Sales .................. 2,137,500
Advances from customers ........... 58,500
Purchases ................ 1,393,000
Sales discounts .............. 17,000
Purchase discounts ............. 13,500
Sales salaries ................ 142,000
Office salaries .............. 173,000
Purchase returns .............. 7,500
Sales returns ................. 39,500
Transportation-in ................ 36,000
Accounts receivable ............ 71,250
Sales commissions .............. 41,500
Travel and entertainment—sales ....... $ 34,500
Accounting and legal services ........ 16,500
Insurance expense—office .......... 12,000
Advertising ................ 27,000
Transportation-out .............. 46,500
Depreciation of office equipment ........ 24,000
Depreciation of sales equipment ....... 18,000
Telephone—sales ............... 8,500
Utilities—office .............. 16,000
Miscellaneous office expenses ......... 4,000
Rental revenue ................ 120,000
Extraordinary loss (before tax) ......... 35,000
Interest expense .............. 88,000
Common stock ($10 par) .......... 450,000
Vu’s effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $343,000.

Instructions
Prepare a condensed 2014 income statement for Vu Corporation.