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