1. Income Statement (with cost of goods sold adjustment).Milan Company had the following activity for the year ended December 31.

   Sales revenue	$5,000,000
   Selling expenses	$825,000
   General and administrative expenses	$570,000
   Cost of goods sold (before adjustment)	$2,900,000
   Overapplied overhead	$109,000

   Required:Prepare an income statement for year ended December 31.