During the past year, Pettay Enterprises had the following fixed costs:

Fixed manufacturing costs $112,000

Fixed marketing costs $43,000

Fixed administrative costs $18,000

The company also had the following variable costs

: Variable manufacturing costs $142,000

Variable marketing costs $37,000

Variable administrative costs are $28,000

During the year, the company produced and sold 60,000 units of the product at a selling price of $7.00 per unit. The company had no inventory at the beginning of the year.

Required: Prepare a contribution margin income statement for the year.