Using the selected account balances at December 31, 2010, for Receptions, Etc. that follow, prepare an income statement for the year ended December 31, 2010. Show detail of net sales. The company uses the perpetual inventory system, and Freight-In has not been included in Cost of Goods Sold. 

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Account Name Sales Sales Returns and Allowances Cost of Goods Sold Freight-In Selling Expenses General and Administrative Expenses Income Taxes Debit Credit $498,000 $ 23,500 23,500 284,000 14,700 43,000 87,000 12,000