Example 2.5 (a) Prepare the Inventory T-account for merchandising companies. (b) Prepare the Income statement for merchandising companies. (c) Based on the formats from (a) and (b), prepare the Income statement for Simply Hair's Income statement for the year. Simply Hair is a retail chain specializing in salon-quality hair-care products. During the year, Simply Hair had sales of $39,225,000. The company began the year with $2,500,000 of merchandise inventory and ended the year with $3,245,000 of inventory. During the year, Simply Hair purchased $21,400,000 of merchandise inventory. The company's selling, general, and administrative expenses totaled $6,850,000 for the year. Prepare Simply Hair's income statement for the year