Below is a list of accounts and balances for Sandals Inc. for the year ending March 31, 2020. All balances are in thousands of dollars. Sandals Inc. follows APSE. Assume a tax rate of 15%.

Account Title	Balance
Accounts Payable	$20,900
Accounts Receivable	$24,000
Accumulated Depreciation	$8,100
Advertising Expense	$17,000
Cash	$20,000
Common Shares	$1,600
Cost of Goods Sold	$40,200
Depreciation Expense-Office Equipment	$4,000
Depreciation Expense-Retail Equipment	$4,200
Equipment	$50,500
Gain on Sale of Assets	$2,500
Gain on Sale of Discontinued Operations	$13,600
Income Tax Benefit	$6,795
Interest Expense	$5,900
Interest Payable	$3,200
Loss from Operating Discontinued Operations	$29,200
Merchandise Inventory	$25,400
Notes Payable	$46,900
Office Salaries Expense	$10,500
Preferred Shares	$5,800
Prepaid Insurance	$9,000
Rent Expense-Office	$10,400
Rent Expense-Retail	$19,300
Retained Earnings	$48,805
Salaries Payable	$10,000
Sales Discounts	$12,000
Sales Salaries Expense	$21,000
Sales Returns and Allowances	$3,300
Sales Revenue	$115,600
Unearned Revenue	$22,100

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 March 31, 2020.

Sandals Inc.
Income Statement
For the Year Ended March 31, 2020
Sales Revenue			Answer
Less : Sales Returns and Allowances		Answer
Less Sales Discounts		Answer	Answer
Net Sales			Answer
Cost of Goods Sold			Answer
Gross Profit			Answer
Operating Expenses
Selling Expenses
Depreciation Expense-Retail Equipment	Answer
Advertising Expense	Answer
Rent Expense-Retail	Answer
Sales Salaries Expense	Answer
Total Selling Expenses		Answer
Administrative Expenses
Depreciation Expense-Office Equipment	Answer
Rent Expense-Office	Answer
Office Salaries Expense	Answer
Total Administrative Expenses		Answer
Total Operating Expenses			Answer
*Income (Loss) from Operations			Answer
Other Income and Expenses
Gain on Sales of Assets		Answer
*Interest Expense		Answer	Answer
*Income (Loss) from before Income Tax Benefit (Expense)			Answer
Income Tax Benefit (Expense)			Answer
*Income (Loss) from Continuing Operations			Answer
Discontinued Operations
Gain on Sales of Discontinued Operations (net of tax)		Answer
*Loss from Operating Discontinued Operations (net of tax)		Answer	Answer
*Net Income (Loss)			Answer