Duke Companys records show the following account balances at December $31,2018$:Sales $ $15,400,000$Cost of goods sold $9,200,000$General and administrative expenses $1,020,000$Selling expenses $520,000$Interest expense $720,000$Income tax expense has not yet been determined. The following events also occurred during $2011.$ $$320,000$ in restructuring costs were incurred in connection with plant closings$\mathrm{.}2.$ Inventory costing $$420,000$ was written off as obsolete. Material losses of this type are conside$3.$ It was discovered that depreciation expense for $2017$ was understated by $$52,000$ due to a ma$4.$ The company experienced a negative foreign currency translation adjustment of $$220,000$ andThe weighted average common shares outstanding for the year$-$ended $2018$ is $400,000.$In addition, Duke issued $45,000$ shares $($$$1$ par$)$ during the year for $$1,500,000,$ and repurchasedThey also had a board meeting on December $28,2018$ where the board declared a $$1\mathrm{.}25$ cash dThe stockholders' equity section of their December $31,2017$ balance sheet was as follows:Partial Balance SheetAt December $31,2017$Stockholders' Equity:Common Stock $ $90,000$APIC $6,240,000$Retained earnings $132,450,000$AOCI $470,000$Treasury Stock $(190,000)$Total Stockholders' Equity $ $139,060,000$Prepare an Income Statement. Use the information above and partial trial balance below $($which already includes all transactionsAccount Title DebitsCash and cash equivalents $80,081,000$AFS Investments $40,146,000$Accounts receivable $3,278,000$Inventories $10,218,000$The companys effective tax rate on all items affecting comprehensive income is $30\%.$