In $2020,$ Teal Mountain Fort Corporation had net sales of $$510,000$ and cost of goods sold of $$330,000.$ Operating expenses were $$93,500,$ and interest expense was $$8,300.$ The corporation's tax rate is $30\%.$ The corporation declared preferred dividends of $$6,300$ in $2020,$ and its average common stockholders' equity during the year was $$560,000.$

$($a$)$

Prepare an income statement for Teal Mountain Fort Corporation.

TEAL MOUNTAIN FORT CORPORATION Income Statement