6.7 Income statement for a merchandising firm The following information is from the Income Statement columns of a worksheet. Dr. Cr. 28,000 21,000 105,000 Income Summary Sales Purchases Salaries Expense Utilities Expense Advertising Expense Rent Expense 40,000 12,000 9,000 6,000 14,000 * $21,000 represents the beginning inventory and $28,000 represents the ending inventory. Required: Prepare the income statement