In 2017, Pennington Corporation had net sales of $598,000 and cost of goods sold of $358,000. Operating expenses were $151,000, and interest expense was $7,000. The corporations tax rate is 30%. The corporation declared preferred dividends of $11,000 in 2017, and its average common stockholders equity during the year was $210,000.

Prepare an income statement for Pennington Corporation.