Clever Cuts is a retail chain specializing in salon-quality hair-care products. During the year, Clever Cuts had sales of $39,150,000. The company began the year with $2,985,000 of merchandise inventory and ended the year with $3,785,000 of inventory. During the year, Clever Cuts purchased $22,585,000 of merchandise inventory. The company's selling, general, and administrative expenses totaled $6,150,000 for the year. Prepare Clever Cuts' income statement for the year