Blink, Ltd. Had the following data:

Sales of $550,000

Administrative Expenses of $45,000

Beginning Inventory of $100,000

A/P has a balance of $55,000.

An accounting change was made that resulted in a gross loss of $80,000.

Treasury stock was purchased for $15,000

Selling expenses of $60,000

Interest expense of $10,000 was paid.

Purchases of $300,000

Tax rate is 50%

A routine monthly event occurred (the selling of some waste product) that gave the company $5,000 in income. This was not a normal operating item but was done every month.

Ending Inventory of $125,000

There were 300,000 shares; 200,000 of common and 100,000 of preferred.

Prepare an Income Statement. Note: If entries are used, entries must be in a proper format. Meaning, debits come first and credits are second.

Credits must be indented (both the name of the account and the dollar amount).