Exercise 5-10 In its income statement for the year ended December 31, 2017, Skysong, Inc. reported the following condensed data. Operating expenses 797,500 Interest revenue Cost of goods sold 1,381,600 Loss on disposal of plant assets Interest expense Income tax expense 51,700 Other comprehensive income (net of $1,320 tax)9,130 36,300 18,700 2,420,000 77,000 Net sales Prepare an income statement. SKYSONG, INC. Income Statement For the Year Ended December 31, 2017 Net Sales 2420000 Cost of Goods Sold 1381600 Gross Profit 1038400 Operating Expenses Income From Operations Other Revenues and Gains 797500 Interest Revenue 36300 Other Expenses and Losses Loss on Disposal of Plant Assets Interest Expense 18700 77000 MESSAGE URCES Gross Proft Operating Expenses Income From Operations 1038400 797500 Study Other Revenues and Gains Interest Revenue 36300 Other Expenses and Losses Loss on Disposal of Plant Assets Interest Expense 18700 77000 Income before Income Taxes 51700 Income Tax Expense [Net Income /(Loss) SKYSONG, INC. Comprehensive Income Statement For the Year Ended December 31, 2017 Net Income / (Loss) Other Comprehensive Income / (Loss) i] L-9130 Comprehensive Income/ (Loss)