ABC Corporation has the following information for the year ended December 31, 2024:

• Sales Revenue: $1,000,000
• Cost of Goods Sold: $600,000
• Selling Expenses: $150,000
• Administrative Expenses: $100,000
• Other Income: $30,000
• Interest Expense: $20,000
• Income Tax Expense: $50,000

Prepare an income statement for ABC Corporation and calculate the gross margin and net income for the year ended December 31, 2024.