Presented below are selected ledger accounts of Woods Corporation at December 31, 2012.

Woods??s effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $686,000.InstructionsPrepare a condensed 2012 income statement for WoodsCorporation.

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Cash $ 185.000 535.000 4,175,000 117,000 2,786,000 $284.000 346,000 15,000 79,000 72,000 142,500 83,000 17,000 32,000 6,000 240,000 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Transportation-in Accounts receivable Sales commissions Telephone expense (sales) Utilities expense (office) Miscellaneous office expenses Inventory Sales revenue Unearned revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising Transportation-out Depreciation expense (office equlpmenti Depreciation expense (sales equipment) 27,000 69,000 33,000 24,000 54,000 Rent revenue Extraordinary loss (before tax) Interest expense Common stock ($10 par) 93,000 48,000 176,000 900,000 36,000