accounting 288-The Carlsbad Company income statement for the year ended February 28, 20Y9 contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 20Y9 Revenue from sales: Sales $9,900,000 Add: Sales returns and allowances $270,000 Sales discounts 135,000 405,000 Gross sales $10,305,000 Cost of merchandise sold 5,962,500 Income from operations $4,342,500 Expenses: Selling expenses $1,800,000 Administrative expenses 1,350,000 Delivery expense 112,500 Total expenses 3,262,500 Other expense: $1,080,000 Interest revenue 90,000 Gross profit $990,000 Hide Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 20Y9.