Lynch Company manufactures and sells a single product. The following costs were incurred during the companys first year of operations:

Variable costs per unit:
Manufacturing:
Direct materials	$ 10
Direct labor	$ 4
Variable manufacturing overhead	$ 2
Variable selling and administrative	$ 2
Fixed costs per year:
Fixed manufacturing overhead	$ 374,000
Fixed selling and administrative	$ 284,000

During the year, the company produced 34,000 units and sold 26,000 units. The selling price of the companys product is $44 per unit.

b. Prepare an income statement for the year.