Income Statement (with cost of goods sold adjustment). Yamamoto, Inc., had the following activity for the year ended December 31.

Sales revenue	$3,050,000
Selling expenses	$ 575,000
General and administrative expenses	$ 330,000
Cost of goods sold (before adjustment)	$ 700,000
Underapplied overhead	$ 23,000

Required:

Prepare an income statement for year ended December 31.