Unifying Concepts: The Income Statement Use the following information to prepare an income statement for Fairchild Corporation for the year ended December 31, 2009. You should show separate classifications for revenues, cost of goods sold, gross margin, selling expenses, general and administrative expenses, operating income, other revenues and expenses, income before income taxes, income taxes, and net income. (Hint: Net income is $27,276.)

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Sales Returns Income Taxes Interest Revenue Office Supplies Expense (General and Administrative) Utilities Expense (General and Administrative) Office Salaries Expense (General and Administrative) Miscellaneous Selling Expenses $ 4,280 26,000 2,400 400 3,980 12,064 460 Insurance Expense (Selling) 1,160 Advertising Expense 6,922 Sales Salaries Expense 40,088 Sales Discounts.. 3,644 Interest Expense 1,170 Miscellaneous General and Administrative Expenses 620 Insurance Expense (General and Administrative) 600 Payroll Tax Expense (General and Administrative) Store Supplies Expense (Selling) 3,600 800 Delivery Expense (Selling) Inventory, January 1, 2009 Sales Revenue Cost of Goods Sold Purchases Purchases Discounts 2,198 79,400 395,472 262,610 230,560 3,050 Inventory, December 31, 2009 44,300 Average number of shares of stock outstanding 10,000