In April, Holderness Incorporated, a merchandising company, had sales of $313,000, selling expenses of $24,000, and administrative expenses of $35,000. The cost of merchandise purchased during the month was $175,000. The beginning balance in the merchandise inventory account was $44,000 and the ending balance was $58,000. Required: Prepare a traditional format income statement for April, Holderness Incorporated For the month of April Traditional Format Income Statement Selling and administrative expenses