Below is a list of accounts and balances for FlipFlop Inc. for the year ending October 31, 2020. All balances are in thousands of dollars. FlipFlop Inc. follows APSE. Assume a tax rate of 20%. Account Title Balance Accounts Payable $21,000 Accounts Receivable $23,100 Accumulated Depreciation $8,500 Advertising Expense $17,000 Cash $19,900 Common Shares $1,700 Cost of Goods Sold $40,800 Depreciation Expense-Office Equipment $3,700 Depreciation Expense-Retail Equipment $4,300 Equipment $50,300 Gain on Sale of Assets $2,600 Gain on Sale of Discontinued Operations $13,700 Income Tax Benefit $9,060 Interest Expense $5,500 Interest Expense $5,500 Interest Payable $3,700 Loss from Operating Discontinued Operations $29,100 Merchandise Inventory $25,700 Notes Payable $47,000 Office Salaries Expense $11,000 Preferred Shares $5,900 Prepaid Insurance $8,500 Rent Expense-Office $10,100 Rent Expense-Retail $19,500 Retained Earnings $43,340 Salaries Payable $10,000 Sales Discounts $12,000 Sales Salaries Expense $20,200 Sales Returns and Allowances $3,800 Sales Revenue $115,400 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 October 31, 2020. Flip Flop Inc. Income Statement For the Year Ended October 31, 2020 Sales Revenue Less : Sales Returns and Allowances Less Sales Discounts Net Sales Cost of Goods Sold 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 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) 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) *Loss from Operating Discontinued Operations (net of tax) *Net Income (Loss)