For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Balance Sheet Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less: Accumulated amortization Net plant and equipment. Total assets $13,700 16,700 32,600 13,800 $301,000. 58,800 242,200 $319,000 Liabilities Accounts payable. Notes payable Bonds payable Shareholders' Equity Common stock Retained earnings Total liabilities and shareholders' equity $21,200 24,900 55,100 $75,000 142,800 $319,000 Sales for 20XY were $286,000, with cost of goods sold being 62 percent of sales. Amortization expense was 16 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 14 percent, while interest on the notes payable was 15 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $31,800, 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 20 percent, and accounts payable increased by 32 percent. A new machine was purchased on December 31, 20XY, at a cost of $39,500. A cash dividend of $10,800 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $3,247 and bonds payable decreased by 10,500. The common stock account did not change. a. Prepare an income statement for 20XY. (Input all answers as positive values.)