Suppose Jaguar Automobiles Ltd. paid \(\$ 500,000\) to research a new global positioning system. Jaguar also paid \(\$ 1,200,000\) to acquire a patent on a new motor. After readying the motor for production, Jaguar's sales revenue for the first year totalled \(\$ 6,500,000\). Cost of goods sold was \(\$ 3,200,000\), and selling expenses were \(\$ 300,000\). All these transactions occurred during fiscal 2020. Jaguar expects the patent to have a useful life of three years.

Prepare Jaguar's income statement for the fiscal year ended December 31, 2020.