Financial ratios computed for Whittaker Incorporated include the following: - All sales during the year were made on account. Cash collections during the year exceeded sales by $15,000, and no uncollectible accounts were written off. - The balance of the accounts receivable account was $43,000 on January 1,2023. - No common stock was issued during the year. - Dividends declared and paid during the year were $3,500. - The balance of the inventory account was $29,520 on January 1,2023. - Interest expense on the income statement relates to the 15% bonds payable; $10,000 of these bonds were issued on May 1,2023 ; the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount. WHITTAKER INCORPORATED Income Statement For the Year Ended December 31, 2023 \begin{tabular}{|l|l|} \hline Sales \\ \hline Cost of goods sold \\ \hline Gross profit & \\ \hline Operating expenses \\ \hline Income from operations \\ \hline Interest expense & \\ \hline Income before taxes \\ \hline Income taxes (20\%) \\ \hline Net income & \\ \hline \hline \end{tabular} Financial ratios computed for Whittaker Incorporated include the following: - All sales during the year were made on account. Cash collections during the year exceeded sales by $15,000, and no uncollectible accounts were written off. - The balance of the accounts receivable account was $43,000 on January 1,2023. - No common stock was issued during the year. - Dividends declared and paid during the year were $3,500. - The balance of the inventory account was $29,520 on January 1,2023. - Interest expense on the income statement relates to the 15% bonds payable; $10,000 of these bonds were issued on May 1,2023 ; the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount. WHITTAKER INCORPORATED Income Statement For the Year Ended December 31, 2023 \begin{tabular}{|l|l|} \hline Sales \\ \hline Cost of goods sold \\ \hline Gross profit & \\ \hline Operating expenses \\ \hline Income from operations \\ \hline Interest expense & \\ \hline Income before taxes \\ \hline Income taxes (20\%) \\ \hline Net income & \\ \hline \hline \end{tabular}