On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable ending balance was 50,000. For the year 2015 - Beginning inventory was 100,000. Purchases of inventory totaled $300,000. Sales totaled $400,000. For year-ending 2015: It was determined that replacement cost of inventory was 190,000. And the net realizable value of Accounts receivable was 45,000. Prepare 2015 income statement for the limited facts given. Tax rate is 40%.