Help Save & Exit For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Balance Sheet Liabilities Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less: Accumulated amortization $19,600 17,000 32,700 15,300 Accounts payable Notes payable Bonds payable $15,800 20,400 51,500 $345,000 53,900 Shareholders' Equity Common stock Retained earnings :45 $75,000 213,000 Net plant and equipment 291,100 Total assets $375,700 Total liabilities and shareholders' equity $375,700 Sales for 20XY were $243,000, with cost of goods sold being 62 percent of sales. Amortization expense was 13 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 20 percent, while interest on the notes payable was 10 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $23,700, 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 25 percent. A new machine was purchased on December 31, 20XY, at a cost of $30,000. A cash dividend of $14.000 was paid to common shareholders at the end of 20XY Also, notes payable increased by $7,202 and bonds payable decreased by 10.190. The common stock account did not change. a. Prepare an income statement for 20XY. (Input all answers as positive values.)