ABC Corporation had the following balance sheet on December 31,20XX : Sales for 20XY were $221.000, with cost of goods sold being 58 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 11 percent, while interest on the notes payable was 12 percent. These are based on December 31,20x, balances. Selling and administrative expenses were $28,800, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepald expense balance were unchanged. Accounts recelvable and inventory each increased by 15 percent, and accounts payable increased by 31 percent. A new machine was purchased on December 31,20Y, at a cost of $30,000. A cash dividend of $8,630 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $2.898 and bonds payable decreased by 10.450. The common stock account did not ehange. o. Prepate an income statement for 20XY. (Input all onswers as positive values.)