In April, Holderness Inc., a merchandising company, had sales of $251,000, selling expenses of $17,000, and administrative expenses of $28,000. The cost of merchandise purchased during the month was $161,000. The beginning balance in the merchandise inventory account was $37,000 and the ending balance was $51,000. Required: Prepare a traditional format income statement for April. Holderness Inc. For the month of April Traditional Format Income Statement 0 Selling and administrative expenses 0 $ 0