S1-9. (Learning Objective 3: Preparing an Income Statement) Barbed Wires began 20X6 with total assets of $160 million and ended 20X6 with assets of $190 million. During 20X6 Barbed Wires earned revenues of $131 million and had expenses of $54 million. Barbed Wires paid dividends of $13 million in 20X6. Prepare the company’s Income Statement for the year ended December 31, 20X6, complete with an appropriate heading.