The Income Statement columns of the June 30 (year-end) work P.O. 1 sheet for the Baki Company are shown here. Erom the information given, prepare an income statement for the company. To save time and space, the expenses have Prepare an income statement, been grouped together into two categories.

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ACCOUNT NAME Income Summary Sales Sales Returns and Allowances Sales Discount Purchases Purchases Returns and Allowances Purchases Discount Freight In Selling Expenses General Expenses Net Income INCOME STATEMENT DEBIT 2700000 11 100 00 410000 116 000 00 CREDIT 23 000 00 291 000 00 1200 00 100000 750000 5600000 49 000 00 270 7 00 00 316 2 00 00 45 500 00 316 20 000 316 2 00 00