Below a list of accounts and balances for FlipFlop Inc. for the year ending November 30, 2020. All balances are in thousands of dollars. FlipFlop Inc. follows APSE Assume a tax rate of 15% Account Title Balance Accounts Payable $20.900 Accounts Receivable $24.000 Accumulated Depreciation $8.500 Advertising Expense $16.300 (Cash $20,000 Common Shares $1,700 Cost of Goods Sold $40.800 Depreciation Expense-Office Equipment $3,300 Depreciation Expense-Retail Equipment $5.000 Equipment 550.800 Gain on Sale of Assets $2.900 Gain on Sale of Discontinued Operations $13.900 Income Tax Benefit $6.675 Interest Expense 55,500 Interest Payable $3,400 Loss from Operating Discontinued Operations $29.200 Merchandise Inventory $25.300 Notes Payable $46.900 Office Salaries Expense $10,500 Preferred Shares $5,500 Prepaid Insurance $8,700 here to search of 0 LC a Preferred Shares $5,500 $8,700 $10,100 Prepaid Insurance Rent Expense-Office Rent Expense-Retail Retained Earnings Salaries Payable $19,700 $47,525 $9,600 Sales Discounts $11,800 $21,000 Sales Salaries Expense Sales Returns and Allowances $3,900 Sales Revenue $115,800 Unearned Revenue $22,600 Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Use the negative sign for losses and rows marks with *. Prepare an income statement by function for the year ended November 30, 2020, Flip Flop Inc. Income Statement For the Year Ended November 30, 2020 Sales Revenue Less : Sales Returns and Allowances Less Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Depreciation Expense-Retail Equipment Advertising Expense Rent Expense-Retail Sales Salaries Expense Total Selling Expenses Administrative Expenses Depreciation Expense-Office Equipment Rent Expense-Office Office Salaries Expense Total Administrative Expenses Total Operating Expenses "Income (Loss) from Operations Other Income and Expenses Gain on Sales of Assets "Interest Expense "Income (Loss) from before Income Tax Benefit (Expense) Income Tax Benefit (Expense) "Income (Loss) from Continuing Operations Discontinued Operations Gain on Sales of Discontinued Operations (net of tax) Gain on Sales of Discontinued Operations (net of tax) "Loss from Operating Discontinued Operations (net of tax) *Net Income (Loss)