Create the income statement, with the below balance sheet information.

\begin{tabular}{|l|r|r|} \hline \multicolumn{3}{|c|}{ Incredible Edible Corporation } \\ \hline \multicolumn{1}{|c|}{ Income Statement } \\ \hline Sales Revenue Year Ended December 31, 2024 \\ \hline Cost of Goods Sold & 800,000 & \\ \hline Gross profit & 480,000 & \\ \hline Operating expenses: & & 320,000 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total operating expenses & & \\ \hline Operating income & & \\ \hline Other expense: & & \\ \hline & & \\ \hline & & \\ \hline Net income & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline Account Title & Debits & Credits \\ \hline Cash & 21,000 & \\ \hline Accounts Receivable & 300,000 & \\ \hline Prepaid rent & 9,000 & \\ \hline Prepaid Insurance & 10,000 & \\ \hline Supplies & 4,200 & \\ \hline Inventory & 50,000 & \\ \hline Office Equipment & 600,000 & \\ \hline Accumulated depreciation & & 250,000 \\ \hline Accounts payable & & 60,000 \\ \hline Notespayable(dueinsixmonths) & & 60,000 \\ \hline Salaries payable & & 8,000 \\ \hline Interest payable & & 2,000 \\ \hline Common stock & & 400,000 \\ \hline Retained earnings & & 121,000 \\ \hline Sales revenue & & 800,000 \\ \hline Cost of goods sold & 480,000 & \\ \hline Salaries expense & 120,000 & \\ \hline Rent expense & 12,000 & \\ \hline Insurance expense & 2,000 & \\ \hline Supplies expense & 3,800 & \\ \hline Depreciation expense & 60,000 & \\ \hline Interest expense & 4,000 & \\ \hline Income Tax expense & 25,000 & \\ \hline Totals & 1,701,000 & 1,701,000 \\ \hline \end{tabular}