In 2022, Pharoah 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 corporation's tax rate is 20%. The corporation declared preferred dividends of $11,000 in 2022 , and its average common stockholders' equity during the year was $210,000. (a) Prepare an income statement for Pharoah Corporation