Create an income statement including taxes.

The following is information for ABC- a publicly traded company Condensed Ralance Sheet at end of 2021 (amounts in thousands) Income Statement for 2021 Comprehensive Income $49,092 Results for 2022 Sales $281,800 All sales on credit Inventory Purchases on credit =191,400 and ending inventory $56200 (you calculate COGS) Depreciation expense $16,000 not including assets sold, bought or found Patent purchased in 2018 and determined to have remaining useful life of 10 years in 2022 Wages Expense $27,450 Paid in cash $2,194 additional owed at end of 2022 - this should be the amount in the payable Insurance policy indicates that $5,700 was paid in May 2021 for 24 month coverage starting May 12021. During 2022 found an asset purchased and recorded in 2019 that had not been depreciated - cost 6,830 no salvage 10 year useful life (an error Sold AFS Debt Securities that cost 400 for 390 in cash (\$7 loss in AOCl recorded previously] Sold equipment that cost 3,000 with accumulated depreciation of 2,590 for $300 in cash. Purchased new equipment costing $6,975 with $2,000 down payment and 10% note payable on December 1,2021 (first payment due January 1,2022 . 10 year useful life and no salvage Collections on A/R=278,320 Payments on A/P=176,500 - all accounts payable deal with inventory All service agreements sold to customers in 2021 completed in 2022. New service agreements sold for $2460 in cash during 2022 - 40 percent of the services provided during 2022 Bond terms - interest only for 6.5% paid annually on September 1 . Firm agreement with a bank signed on December 15 to refinance bond to a 5 year note in 202: Note Payable - 4 payments of $3,300 made March 30, June 30 , Sept 30 and December 31 interest of 8% per year ( 2% per quarter] Each note payment pays the interest since the last payment with any remaining amount going toward principle Fair value of remaining AFS Debt Securities $1,400 Other Information Tax rate is 21% (unlike 2021 income taxes have not been paid and need to be recorded) Half year convention for depreciation The following is information for ABC- a publicly traded company Condensed Ralance Sheet at end of 2021 (amounts in thousands) Income Statement for 2021 Comprehensive Income $49,092 Results for 2022 Sales $281,800 All sales on credit Inventory Purchases on credit =191,400 and ending inventory $56200 (you calculate COGS) Depreciation expense $16,000 not including assets sold, bought or found Patent purchased in 2018 and determined to have remaining useful life of 10 years in 2022 Wages Expense $27,450 Paid in cash $2,194 additional owed at end of 2022 - this should be the amount in the payable Insurance policy indicates that $5,700 was paid in May 2021 for 24 month coverage starting May 12021. During 2022 found an asset purchased and recorded in 2019 that had not been depreciated - cost 6,830 no salvage 10 year useful life (an error Sold AFS Debt Securities that cost 400 for 390 in cash (\$7 loss in AOCl recorded previously] Sold equipment that cost 3,000 with accumulated depreciation of 2,590 for $300 in cash. Purchased new equipment costing $6,975 with $2,000 down payment and 10% note payable on December 1,2021 (first payment due January 1,2022 . 10 year useful life and no salvage Collections on A/R=278,320 Payments on A/P=176,500 - all accounts payable deal with inventory All service agreements sold to customers in 2021 completed in 2022. New service agreements sold for $2460 in cash during 2022 - 40 percent of the services provided during 2022 Bond terms - interest only for 6.5% paid annually on September 1 . Firm agreement with a bank signed on December 15 to refinance bond to a 5 year note in 202: Note Payable - 4 payments of $3,300 made March 30, June 30 , Sept 30 and December 31 interest of 8% per year ( 2% per quarter] Each note payment pays the interest since the last payment with any remaining amount going toward principle Fair value of remaining AFS Debt Securities $1,400 Other Information Tax rate is 21% (unlike 2021 income taxes have not been paid and need to be recorded) Half year convention for depreciation