1. The following data was taken from the books of Lowisa, Inc. as of December 31, 2011: Cost of goods sold $ 14,300 Selling & administrative $3,500 expense Income tax expense 6,120 Accounts payable 12,000 Cash 3,500 Common shares, (6,500 shares) 20,000 Retained earnings 8,000 Dividends declared 6,000 Other income 1,500 Interest expense 1,000 Sales revenue 35,000 Depreciation expense 1,500 Required: Prepare a Statement of Earnings for Lowisa, Inc. using good format. SHOW GROSS PROFIT