1 out of Below is a list of accounts and balances for Sandals Inc. for the year ending March 31, 2020. All balances are in thousands of dollars. Sandals Inc. follows APSE. Assume a tax rate of 15%. Account Title Balance Accounts Payable $20,900 Accounts Receivable $24,000 Accumulated Depreciation $8,100 Advertising Expense $17,000 Cash $20,000 Common Shares $1,600 Cost of Goods Sold $40,200 Depreciation Expense-Office Equipment $4,000 Depreciation Expense-Retail Equipment $4,200 Equipment $50,500 Gain on Sale of Assets $2,500 Gain on Sale of Discontinued Operations $13,600 Income Tax Benefit $6,795 Interest Expense $5,900 Interest Payable $3,200 ration Discontinued Operations $29,200 interest Expense $5.900 Interest Payable $3,200 Loss from Operating Discontinued Operations $29,200 Merchandise Inventory $25,400 Notes Payable $46,900 Office Salaries Expense $10,500 Preferred Shares $5,800 Prepaid Insurance $9,000 Rent Expense-Office $10,400 Rent Expense-Retail $19,300 Retained Earnings $48,805 Salaries Payable $10,000 Sales Discounts $12,000 $21,000 Sales Salaries Expense $3,300 Sales Returns and Allowances $115,600 Sales Revenue $22,100 Unearned Revenue Do not enter dollar signs or commas in the input boxes. Prepare an income statement by function for the year ended March 31, 2020 Sandals Inc. Income Statement For the Year Ended March 31, 2020 Sales Revenue Less: Sales Returns and Allowances Less Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Depreciation Expense-Retail Equipment ARONAVE AME CIDADE English Gross Profit Operating Expenses Selling Expenses Depreciation Expense-Retail Equipment Advertising Expense Rent Expense Retail Sales Salaries Expense Total Selling Expenses Administrative Expenses Depreciation Expense Office Equipment Rent Expense-Office KI Cor Office Salaries Expense Total Administrative Expenses 36 47"F . ab Type here to search NIC CIVUAGE English Depreciation Expense-Office Equipment Rent Expense-Office Office Salaries Expense Total Administrative Expenses Total Operating Expenses Income (Loss) from Operations Other income and Expenses Gain on Sales of Assets interest Expense income (Loss) from before Income Tax Benefit (Expense) Income Tax Benefit (Expense) income (Loss) from Continuing Operations ab O e 30 477 3 Type here to search "Income (Loss) from Operations Other Income and Expenses Gain on Sales of Assets interest Expense income (Loss) from before Income Tax Benefit (Expense) Income Tax Benefit (Expense) "Income (Loss) from Continuing Operations Discontinued Operations Gain on Sales of Discontinued Operations (net of tax) Loss from Operating Discontinued Operations (net of tax) "Net Income (Loss) CO