Given the trial balance of LMN Enterprises as of December 31, 2023, prepare an income statement for the year ended December 31, 2023. Consider the following information:
•Sales Revenue: $300,000
•Sales Returns and Allowances: $10,000
•Cost of Goods Sold: $150,000
•Operating Expenses: $50,000
•Interest Expense: $5,000
•Income Tax Expense (25% Tax Rate): ?
•Dividends Declared: $8,000