E4-3(Single-step Income Statement) The financial records of Dunbar Inc. were destroyed by fire at the end of 2010. Fortunately the controller had kept certain statistical data related to the income statement as presented below. 1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year. 2. Sales discounts amount to $17,000. 3. 30,000 shares of conunon stock were outstanding for the entire year. 4. Interest expense was $20,000. 5. TI1e income tax rate is 30%. 6. Cost of goods sold amounts to $500,000. 7. Administrative expenses are 18% of cost of goods sold but only 8% of gross sales. 8. Four-fifths of the operating expenses relate to sales activities. Instructions From the foregoing information prepare an income statement for the year 2010 in single-step form