Ellis Electrical has a December 31, 2019 year end. The company wants to prepare financial statements for its year ended December 31, 2019. The income statement and statement of equity have already been prepared below: Ellis Electrical Income Statement Year ended December 31, 2019 Sales Revenue Cost of Goods Sold Expense Gross Margin $ 402,500 278,800 123,700 Operating Expenses Amortization Expense $ 1,500 Bad Debts Expense Miscellaneous Expense Operating income Interest Expense 10,000 64,600 76,100 47,600 Net Income 5,000 $ 42,600