$$Abecd Accounting, Inc. sells accounting textbooks. The following information summarizes Abecd Accounting's operating activities for the year: 

 

Merchandise Inventory, January $1$ $$12,000$

Merchandise Inventory, December $315,000$

Purchases $87,100$

Selling and Administrative Expenses $56,000$

Sales Revenue $248,900$

Required: Prepare Accuracy Accounting, Inc.$\text{'}$s income statement for the year ended December $31.$