In April, Holderness Inc, a merchandising company, had sales of $241,000, selling expenses of $16,000, and administrative expenses of $27,000. The cost of merchandise purchased during the month was $159,000. The beginning balance in the merchandise inventory account was $36,000 and the ending balance was $50,000. Required: Prepare a traditional format income statement for April Holderness Inc. For the month of April Traditional Format Income Statement Selling and administrative expenses