New Ventures Enterprises Inc. is considering a proposal to invest 600,000 in new Cell Telephone Product. production equipment which will be depreciated on a straight-line basis with a 6-year life, and no salvage value. The projected annual revenues and costs of the new product that will be produced from the equipment are:

Sales $565,000

Variable Manufacturing costs $100,000

Variable Selling and administrative $74,000

Fixed Costs: In-Direct Labor $150,000

Fixed Manufacturing costs $52,500

Income tax expense rate is 15%

Develop and document a multi-step Income Statement that includes Sales, Cost of Goods Sold, Gross Profit, Fixed Expenses, Operating Income, Income Tax Expense and Net Income