8. The financial record of Adam Inc were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as below: a. The beginning inventory was $ 138,000. b. Sales discount was $5,500 c. 45,000 ordinary shares were outstanding. d. Interest expenses $30,000 e. Income tax rate 30% f. Cost of goods sold $750,000 g. Administrative expenses are 10% of cost of goods sold but only 5% of gross sales. h. Four fifth of the operating expenses related to sales activities. From the foregoing information, prepare an income statement.