2,650,000 500,000 Problem #2 - Income Statement (20 Points) du Rags Shops, the following information is available for the year ended December 31, 2016: Sales revenue $4,200,000 Cost of goods sold Salaries expense Rent expense 300,000 Administrative expense 250,000 Dividends declared $10,000 The income tax is $150,000. Required: Prepare an income statement for Glad Rags Shops. (IN GOOD FORM - follow examples in Book and outlines) 2,650,000 500,000 Problem #2 - Income Statement (20 Points) du Rags Shops, the following information is available for the year ended December 31, 2016: Sales revenue $4,200,000 Cost of goods sold Salaries expense Rent expense 300,000 Administrative expense 250,000 Dividends declared $10,000 The income tax is $150,000. Required: Prepare an income statement for Glad Rags Shops. (IN GOOD FORM - follow examples in Book and outlines)