In April, Holderness Incorporated, a merchandising company, had sales of $271,000, selling expenses of $19,000, and administrative expenses of $30,000. The cost of merchandise purchased during the month was $165,000. The beginning balance in the merchandise inventory account was $39,000 and the ending balance was $53,000, Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement Selling and administrative expenses