For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Balance Sheet Current Assets Liabilities Cash $19,000 Accounts payable $12,100 Accounts receivable 20,000 Notes payable 22,700 Inventory 32,300 Bonds payable 57,800 Prepaid expenses 18,500 Capital Assets Shareholders' Equity Plant and equipment (gross) $299,000 Less: Accumulated amortization 54,600 Common stock Retained earnings $75,000 166,600 Net plant and equipment 244,400 Total assets $334,200 Total liabilities and shareholders' equity $334,200 Sales for 20XY were $303,000, with cost of goods sold being 64 percent of sales. Amortization expense was 11 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 15 percent, while interest on the notes payable was 17 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $30,600, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 19 percent, and accounts payable increased by 26 percent. A new machine was purchased on December 31, 20XY, at a cost of $28,500. A cash dividend of $22,400 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $8,792 and bonds payable decreased by 10,020. The common stock account did not change. a. Prepare an income statement for 20XY. (Input all answers as positive values.) Sales Cost of good sold Gardner Corporation Income Statement For the Year Ending December 31, 20XY 303000 Gross profit Selling and administrative expense Amortization expense Operating profit Interest expense Earnings before taxes Taxes Earnings after taxes