ACC2110 Exam#1-Hard Copy Due in Class on Tuesday September 25th Problem #2-Income Statement (20 Points) For Glad Rags Shops, the following information is available for the year ended December 31, 2016: Sales revenue Cost of goods sold Salaries expense Rent expense Administrative expense $4,200,000 2,650,000 500,000 300,000 250,000 . Dividends declared $10,000 . The income tax is $150,000. Required: Prepare an income statement for Glad Rags Shops. (IN GOOD FORM-follow examples in Book and outlines)