The Income Statement From the following information, prepare an income statement for Southern Corporation for the year ended December 31, 2009. Assume that there are 200,000 shares of stock outstanding.

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Sales Returns Sales Discounts Gross Sales Revenue Flood Loss Income Taxes on Operations Administrative Salaries Expense Sales Salaries Expense 50,000 70,000 9,000,000 80,000 500,000 360,000 800,000 Rent Expense (General and Administrative) 32,000 Utilities Expense (General and Administrative) 4,000 Supplies Expense (General and Administrative) 16,000 Delivery Expense (Selling). 6,300 Payroll Tax Expense (Selling) 6,000 Automobile Expense (General and Administrative) 3,800 Insurance Expense (General and Administrative) 34,000 Advertising Expense (Selling). 398,000 Interest Revenue Interest Expense Insurance Expense (Selling) 6,000 92,000 7,000 Entertainment Expense (Selling) 7,200 Miscellaneous Selling Expenses 15,000 Miscellaneous General and Administrative Expenses 10,800 Cost of Goods Sold..... 5,950,000 Tax rate applicable to flood loss 30%