30 In April, Holderness Incorporated, a merchandising company, had sales of $316,000, selling expenses of $23,500, and administrative expenses of $34,500. The cost of merchandise purchased during the month was $174,000. The beginning balance in the merchandise inventory account was $43,500 and the ending balance was $57,500. Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement k Selling and administrative expenses