Follow Table 8.2 on page 181 to develop an end of year Income Statement for OU Engineering Foundations, using the following data.

• The organization has retained earnings of $1,500,000 from the previous end of the year.
• Gross sales for the year were $5,000,000 with refunds of $200,000 and refunds of $50,000.
• Interest and income from off-site investments were $150,000.
• Loan payments were $250,000.
• Taxes are as in Problem 1, above.
• The cost of goods sold is $2,500,000.
• Depreciation on equipment is $250,000.
• Sales bonuses and expenses are $150,000.
• Administration costs are $500,000.
• The board of directors voted for a $3.00 per share dividend for the 250,000 shares.