In $2020,$ Sage Hill Fort Corporation had net sales of $$570,000$ and cost of goods sold of $$270,000.$ Operating expenses were $$91,000,$

and interest expense was $$8,500.$ The corporation's tax rate is $30\%.$ The corporation declared preferred dividends of $$7,600$ in $2020,$

and its average common stockholders' equity during the year was $$590,000.$

$($a$)$

Prepare an income statement for Sage Hill Fort Corporation.

SAGE HILL FORT CORPORATION

Income Statement