A list of selected information from Aanstad Inc. follows. Regarding its first-quarter performance for 2016, a. Sales were $750,000. b. Cost of goods sold was $502,500. C. d. e. f. g. Total depreciation expense was $75,000 (part of selling and administrative expenses). As of the beginning of the first quarter, Aanstad began using straight-line depreciation. Had they used the old accelerated method, the current depreciation would have been $80,000. Other selling and administrative expenses were $30,000 excluding advertising expense. Two quarters of advertising were prepaid at $18,000 at the start of the first quarter. The cost of goods sold includes a favorable volume variance of $100,000. The volume variance is expected to be offset by the slow activity anticipated in the fourth quarter. Aanstad's estimated effective tax rate is 25%. Aanstad's retained earnings at the end of the fourth quarter, 20X0 were $234,000. Required: In good form, prepare the first-quarter income statement