Google LLC reported the following financial figures for the fiscal year ending December 31, 2023:

• Beginning inventory: $800,000
• Purchases of raw materials: $4,000,000
• Direct labor costs: $2,500,000
• Manufacturing overhead costs: $1,700,000
• Ending inventory: $1,000,000
• Cost of goods sold: $6,000,000
• Sales revenue: $10,000,000
• Selling and administrative expenses: $1,500,000

Requirements:

• Prepare an income statement for the year ended December 31, 2023.
• Calculate the net income for the year.