Current Attempt in Progress

The following information was taken from Oriole Ltd$.\text{'}$s adjusted trial balance as at July $31,2024$ :

Sales revenue

$$2,777,000$

Interest expense

$45,000$

Cost of goods sold

$1,560,674$

Utilities expense

Depreciation expense

$17,000$

Distribution expenses $410,000$

Administration expenses $,278,000$

Advertising expense $,60,000$

Interest revenue $21,000$

Income tax expense $,78,000$

Dividends declared$-$Common shares $,27,000$

Dividends declared$-$Preferred shares $,14,526$

$($a$)$

Prepare a single$-$step statement of income for the year ended July $31,2024.$

Oriole Ltd$.$

Statement of Income