2.Prepare the company's 2019 income statement that reports separate categories for a) selling expenses and b) general and administrative expenses

2. Required information The following information applies to the questions displayed below) The following calendar year end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-office equipent Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Rane materials. December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 25,00 Direct labor 8,000 Income taxes expense 10,000 Indirect labor 35,100 Miscellaneous production costs 100,900 office salaries expense 3,600 Raw materials purchases 41,000 Rent expense-office space Rent expense-selling space 154,400 Rent expense-Factory building 194,000 Maintenance expense Factory equipment 18,200 Sales 23,600 Sales salaries expense 169,100 137,000 5 697,800 259,300 56,600 10,700 63,000 939,000 30,000 29,700 77.000 38,200 1,485,500 398, 200 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses LEONE COMPANY Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Finished goods inventory December 31, 2018 $ Cost of goods manufactured 54485,500 169,100 1966 400 $ 4,485,500 Sales Cost of goods sold Finished goods inventory, December 31, 2018 Cost of goods manufactured $ 160,100 1,900,400 2,135,500 2,135,500 2,350,000 Goods available for sale Less: Finished goods inventory, December 31, 2019 Cost of goods sold Gross profit from sales Operating expenses Selling expenses Advertising expense Sales salaries expense Rent expense-Selling space Depreciation expense Selling equipment Total selling expenses General and administrative expenses Rent expense--Factory building Rent expense-Office space Rent expense-Selling space Office salaries expense 0 Total general and administrative expenses Total operating expenses Income before taxes 0 2.350,000 Net income $ 2.350.000