Income statement, merchandising sector. Morrow Bay Lumber is a retailer of lumber products. It operates a single store that resells lumber products it has bought from over 100 different suppliers. The following account balances pertain to January 1, 195, and December 31, 19_5 (in thousands):

Required 1. Prepare Morrow Bay's income statement for 195.
2. Name one difference between Morrow Bay's income statement and that of:

a. a service-sector company and

b. a manufacturing-sector company.